IREDA to consider raising Rs 4,500 crore via FPO, QIP, other routes on August 29

The Indian Renewable Energy Development Agency Limited (IREDA) has announced that its board will meet on Thursday, August 29, 2024, to consider raising up to ₹4,500 crore. The funds may be raised through various methods, including Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, Preferential Issue, or other permitted routes.

Key Details:

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  • Date of Meeting: August 29, 2024
  • Purpose: Consider and approve the proposal for raising funds
  • Amount: Up to ₹4,500 crore
  • Methods:
    • Further Public Offer (FPO)
    • Qualified Institutional Placement (QIP)
    • Rights Issue
    • Preferential Issue
    • Other permitted modes or a combination of these

Compliance and Trading Window Closure:

In compliance of regulation 29 (1) of SEBI (Listing and Disclosure Requirements) Regulations 2015, this is to inform that Board meeting of Indian Renewable Energy Development Agency Limited is scheduled to be held on Thursday, August 29, 2024, inter-alia, to consider and approve the proposal for raising of funds by way of equity share capital for an amount aggregating of upto Rs. 4500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or a combination, as may be deemed appropriate, subject to the Statutory or Govt. Approval – the company said in exchange filing

IREDA shares have increased nearly 10 times from their IPO price of ₹32 since their debut in November 2023. With a market cap of ₹63,418 crore, the stock opened at ₹240.50 and closed at ₹240.45, with a day range of ₹238.50 to ₹242.85 and a year range of ₹50.00 to ₹310.00. In terms of shareholder returns, the stock gained 1.92% in one day, 0.51% over one week, and 38.80% over three months. However, it saw a 10.07% decline over the past month. Over the past year, three years, and five years, the stock has delivered a return of 307.83%.

Shareholder Returns:

  • 1 Day: +1.92%
  • 1 Week: +0.51%
  • 1 Month: -10.07%
  • 3 Months: +38.80%
  • 1 Year: +307.83%
  • 3 Years: +307.83%
  • 5 Years: +307.83%