
The Indian Renewable Energy Development Agency Limited (IREDA) is set to explore significant fundraising options, prompting a notable rise in its share price. On August 29, 2024, IREDA’s board will meet to discuss the potential to raise up to ₹4,500 crore. The funds could be secured through a variety of methods, including a Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, Preferential Issue, or other approved routes.
Key Details:
- Meeting Date: August 29, 2024
- Purpose: Consider and approve the fundraising proposal
- Amount: Up to ₹4,500 crore
- Methods:
- Further Public Offer (FPO)
- Qualified Institutional Placement (QIP)
- Rights Issue
- Preferential Issue
- Other approved methods or a combination
Following the announcement, IREDA shares have experienced a 6% increase, trading at ₹250.65 as of 9:22 am.