IREDA shares in focus today ahead of board meeting to raise funds

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) will in focus on Friday as the company board is likely to consider plans for raising funds from domestic and international markets. The recently listed PSU player informed about the same through an exchange filing on Thursday.

Board meeting of Indian Renewable Energy Development Agency Limited will be held on Thursday, March 28, 2024, inter-alia, to consider the matter with respect to borrowing programme up to Rs 24,200 crore for FY 2024-25, said the company in its exchange filing with the bourses.

"The borrowing shall include fund raising through issuance of bonds, term loans, Commercial Paper and others from domestic & international markets," it added.

Shares of IREDA surged about 5 per cent, hitting its upper circuit limit, to Rs 132.05 on Thursday. The company's total market capitalization stood close to Rs 35,500 crore as of its close in the previous trading session. However, the stock scaled record highs of Rs 215 in February 2024 and is down 39 per cent from those levels.

The company had launched its IPO in November 2023 and raised a total of Rs 2,150.21 crore via its initial stake sale. The company sold its shares for Rs 32 apiece and the stock has delivered a return of 312 per cent from its issue price so far. The stock was listed at 49.99, a premium of 56 per cent over its issue price.

Incorporated in March 1987, Indian Renewable Energy Development Agency Limited is a 'miniratna' public limited government company. administratively controlled by the Ministry of New and Renewable Energy (MNRE). It provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.

The company offers a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for renewable energy projects and other value chain activities such as equipment manufacturing and transmission.