IREDA shares snap 4-session losing streak; jump 4% on fundraising plan
The PSU to raise ₹4,500 crore in one or more tranches; GoI stake to be diluted up to 7% via QIP.
The PSU to raise ₹4,500 crore in one or more tranches; GoI stake to be diluted up to 7% via QIP.
The fundraising is part of IREDA’s plan to raise ₹24,200 crore in FY24-25; it garnered ₹1,500 crore via bonds in June this year.
Net profit of IREDA jumped 33% to ₹337.38 crore in the fourth quarter compared with ₹253.62 crore in Q4 FY23.
The board of directors of IREDA is scheduled to meet on March 28 to consider and approve the borrowing programme for FY25.
The NSE has revoked the inclusion of IREDA in key indices due to its non-compliance with SEBI portfolio concentration norms.
IREDA aims to raise bonds worth ₹500 crore at the base issue, with a green shoe option of up to ₹1,500 crore, aggregating to ₹2,000 crore.
IREDA shares rallied 20% to ₹102.2 on the BSE today, delivering 219% returns to investors who bought shares in the IPO and continue to hold them.
The state-owned miniratna had last week launched its retail division, which targets PM-KUSUM, rooftop solar, and other B2C segments