IREDA shares surge 6% as company considers raising up to ₹4,500 Crore

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:

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  • 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.