The Indian Renewable Energy Development Agency (IREDA) has said its board will consider a proposal to raise ₹4,500 crore at its next meeting on August 29.
In a regulatory filing on August 21, the state-owned renewable energy financing company said it plans to raise money in multiple segments through a Further Public Offer (FPO), Qualified Institutional Placement (QIP), Right Issue, Preferential Issue, or any other permitted mode or combination as per government approval.
IREDA shares closed 0.64 per cent lower at ₹238.90 on Wednesday, compared to ₹240.45 at the previous market close. In the past year, IREDA shares had seen a high of ₹310 and a low of ₹49.99.
Insight into IREDA:
IREDA announced a 30.2 per cent rise in net profits to ₹383.7 crore in its April to June quarter results for the financial year 2024-25, compared to ₹294.6 crore in the same period the previous year, according to the company’s statement.
The company’s profits for the quarter were driven by the high income for the first quarter. IREDA income from operations rose 32 per cent to ₹1,501.71 crore in the first quarter of the financial year 2024-25, compared to 1,143.5 crore in the same quarter the previous year.
IREDA’s interest income grew 37.6 per cent to ₹507.9 crore in the April to June quarter of the financial year 2024-25, compared to ₹369 crore in the previous year.
IREDA is a government-owned non-banking financial company (NBFC) under the Ministry of New and Renewable Energy. It focuses on promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy. The company’s goal is to support projects and schemes which generate electricity through renewable resources and increase its share in the renewable energy sector, according to the non-banking company’s website.
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