Ireda board OKs fund raising upto Rs 4,500 crore via further public offer

The financial services company announced that its board has approved raising of funds aggregating up to Rs 4,500 crore through a further public offer, qualified institutional placement, rights issue, preferential issue, or any other permitted mode.

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 per cet stake in Ireda.

The companys consolidated net profit jumped 30 per cet to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24. Revenue from operations increased 32 per cet Y-o-Y to Rs 1510.28 crore in Q1 FY25.

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

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