Indian Renewable Energy Development Agency Ltd Share Price – NSE /  BSE

Finance, Small Cap

Earlier, on 29 August 2024, the company’s board approved raising of funds by way of equity capital for an amount upto Rs 4,500 crore in one or more tranches through further public offer (FPO) / QIP / right issue / preferential issue or any other permitted mode or a combination thereof.

The company’s committee recommended for an approval of the alternative mechanism on the proposal of the raising of funds to DIPAM.

The DIPAM on 18 September 2024, approved the alternative mechanism for the dilution of Government of India (GOI) shareholding in IREDA, owing to issue fresh equity through QIP route upto an extent of 7% of the paid-up equity of the company on post issue basis in one or more tranches.

Indian Renewable Energy Development Agency (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on 30th June 2024, GoI held 75% stake in IREDA.

The company’s consolidated net profit jumped 30% to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24. Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.

Shares of IREDA rose 0.81% to currently trade at Rs 229.35 on the BSE.

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The International Financial Services Centre Authority (IFSCA) has granted provisional registration to IREDA Global Green Energy Finance IFSC (a wholly owned subsidiary of IREDA) as a finance company at GIFT City.

Pradip Kumar Das, CMD, IREDA, highlighted the importance of this milestone, stating, IREDA's presence in GIFT City reflects our commitment to advancing green financing solutions on a global scale. This new subsidiary will help us secure competitive funding and foster collaborations with international investors, boosting the renewable energy sector forward. As the Hon'ble Prime Minister Shri Narendra Modi has earlier underlined, 'GIFT City is a gateway to global opportunities,' and IREDA is poised to leverage these opportunities.

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Indian Renewable Energy Development Agency has achieved a significant milestone by securing its international credit rating today. The International Credit Rating Agency, S&P Global Ratings assigned 'BBB-' long-term and 'A-3' short-term issuer credit ratings to IREDA, with Outlook 'Stable'.

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The issue will be done in one or more tranches and is subject to the approval from the Government of India and other statutory/regulatory approvals.

Indian Renewable Energy Development Agency (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on 30th June 2024, GoI held 75% stake in IREDA.

The company’s consolidated net profit jumped 30% to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24. Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.

The scrip ended 0.24% higher at Rs 254.55 on the BSE.

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