IREDA shares jump over 4% after raising ₹1,500 Crore through bonds

Shares of Indian Renewable Energy Development Agency (IREDA) gained over 4% on June 24. The rise followed the company’s announcement that it raised ₹1,500 crore through bond issuance.

The state-run company issued bonds with a base issue of ₹500 crore and a green shoe option of ₹1,000 crore. According to an exchange filing, the issue was oversubscribed 2.65 times. The funds were raised at an annual interest rate of 7.44% for a tenure of 10 years and two months.

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As of 1:20 PM the shares were trading 1,79% higher at ₹190.90 on NSE.

The stock also received a boost from IREDA’s inclusion in the FTSE All World Index, with the adjustment taking place on June 21.

IREDA, a Mini Ratna (Category – I) PSU under the Ministry of New and Renewable Energy, provides financial assistance and services for renewable energy and energy efficiency projects.