Mumbai2 hours ago
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The shares of Indian Renewable Energy Development Agency Limited i.e. IREDA saw a rise of more than 6% on Tuesday (July 2). The company’s shares closed at Rs 209 with a rise of 6.57%.
With this, the market cap of the company has also increased to Rs 56.07 thousand crore. The all-time high of IREDA shares is Rs 214, which it touched within a few days of its listing in the market in November last year.
50 lakh shares of the company were bought and sold in the block deal.
Due to block deal today, IREDA shares have seen an increase of 6% from the day’s low of Rs 192.80 before closing of trading. In this block deal, 50 lakh shares of the company were bought and sold, which is 0.16% of the total equity of the company.
Total transaction value of block deal ₹100 crore
The total transaction value of this block deal is being said to be ₹ 100 crore. Official details of buyers and sellers of this deal are yet to be revealed.
IREDA CMD Pradeep Kumar Das said that the company has requested the government to allow it to launch a follow-on public offer i.e. FPO. Because, considering the speed at which the company is growing, it will require more equity investment.
IREDA wants to raise ₹5,000 crore from FPO
IREDA wants to raise between ₹4,000 crore to ₹5,000 crore through the FPO. Das also informed that IREDA has also requested the Finance Ministry for inclusion under Section 54EC of the Income Tax Act, which will help the company reduce the cost of borrowing.
IREDA went public in November last year. Which had sold shares in its initial public offer at a price of Rs 32 per share. The government held 75% stake in IREDA at the end of the March quarter.
IREDA’s IPO got 40 times subscription
IREDA’s IPO was subscribed about 40 times. The company’s IPO was opened for subscription on 21 November and closed on 23 November. The company had fixed the price band of this issue at ₹30-₹32. The company raised ₹2,150.21 crore through this IPO.
IREDA is a non-banking financial company.
IREDA was started in 1987. It is a non-banking financial company, which finances new and renewable energy projects. It is run by the Ministry of New and Renewable Energy. The company operates in four important sectors – solar, hydro, biomass and biofuel.
Government gives ‘Navratna’ status to IREDA
The government had given Navratna status to IREDA 2 months ago. In September 2023, this financial services company was upgraded from Schedule B to Schedule A category.
