More

    IREDA Share Price: IREDA shares surge over 4% on govt nod for Rs 4,500 crore QIP

    Finance
    2



    [

    Shares of the Indian Renewable Energy Development Agency (IREDA) jumped 4.4% on the BSE today, reaching a high of Rs 237.50 after the company announced it received approval from the Union government to raise Rs 4,500 crore through a Qualified Institutions Placement (QIP) of fresh equity.

    “Further to our intimation letter dated August 29, 2024 regarding the In-principle approval of the Board of Directors of IREDA for raising funds by way of equity capital for an amount aggregating upto ₹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 thereof,” said the company in a filing to the exchanges.

    This QIP allows them to raise funds by issuing new shares to institutional investors, like banks and mutual funds. The government, which is a majority shareholder in IREDA, will reduce up to 7% of its stake by issuing new shares.

    Earlier, IREDA’s board approved raising Rs 4,500 crore through any of the multiple avenues including an FPO or rights issue or preferential issue.

    Now, the company informed the exchanges that the Department of Investment and Public Asset Management (DIPAM) gave the green light to go ahead with the share sale after receiving approval from a high-level government committee.

    Growfast


    Also read: Last day to buy! RITES record date for dividend, bonus share issue tomorrow

    The company had reported a net profit of Rs 384 crore for the quarter ended June 2024, a 30% uptick over Rs 295 crore reported in the year-ago period, while the revenue from operations stood at Rs 1,502 crore in the quarter as against Rs 1,144 crore logged in the corresponding quarter of the previous financial year.

    The shares of IREDA have surged 122% in the current calendar year while in the last 6 months, the shares have increased by 80.40%.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

    https://img.etimg.com/thumb/msid-113476969,width-1200,height-630,imgsize-5848,overlay-etmarkets/photo.jpg
    https://economictimes.indiatimes.com/markets/stocks/news/ireda-shares-surge-4-on-securing-governments-nod-for-rs-4500-crore-qip/articleshow/113476977.cms

    Montather Rassoul
    Montather Rassoulhttps://thefifthskill.com/

    Latest articles

    spot_imgspot_img
    Previous article
    European shares advance as Fed begins easing cycle with jumbo rate cut By Reuters
    Next article
    Mitsubishi Electric stock ‘faces structural deterioration not priced in’

    Related articles

    spot_imgspot_img

    Popular articles

    Featured

    Newsletter

    Subscribe to get the latest news, offers and special announcements.

    By subscribing, you're accepting to receive promotions.

    © Copyright - Newspaper WordPress Theme by TagDiv