- By Aditya Pratap Singh
- Thu, 22 Aug 2024 01:20 PM (IST)
- Source:JND
IREDA Share Price: Shares of Indian Renewable Energy Development Agency Ltd increased by more than 10% in trade on Thursday after the company said it would consider proposals to raise Rs 4,500 crore through a share issue.
The IREDA stock rose 10.19% to trade at Rs 263.30 apiece in today's trade. The stock was trading at Rs 262 per share level at around 1:00 pm, up 9.6% on the NSE. 262.95, up 10.07% on the BSE. Shares of IREDA increased by more than 11% in intraday trade to hit a high of Rs 265.75 and Rs 265.70 on the BSE and NSE, respectively.
The 30-share BSE Sensex increased 242.61 points, or 0.30 percent, to 81,147.91, while the NSE Nifty increased 74.95 points to 24,845.15. The Indian Renewable Energy Development Agency Limited (IRED) said it would consider proposals to raise Rs 4,500 crore through a share issue at its August 29 meeting.
The funds will be raised through a Further Public Offer (FPO)/Qualified Institutional Placement (QIP)/Rights Issue/Preferential Issue or any other approved method or combination in one or more tranches, subject to statutory or government approval, the company said in one Regulatory filings.
IREDA, under the Ministry of New and Renewable Energy, is primarily involved in financing renewable energy projects.
The fund-raising assumes significance given the ambitious target of having 500 GW of renewable energy in India by 2030 and the need to add about 50 GW of capacity annually to achieve the target.
IREDA Share price surges over 400%
IREDA brought IPO in November last year and the shares were listed on stock exchanges on November 29. Since then the stock has surged over 426%. On November 29, IREDA's share price was Rs 60 per share. On August 22, the stock is trading at around Rs 261.5 per share. However, the stock has been on a downward trend in the last few months.
