IREDA hits record high

Indian Renewable Energy Development Agency (IREDA) spurted 8.61% to Rs 69.73 amid strong momentum.

The scrip entered the stock exchanges on 29 November 2023. It was listed at Rs 50, exhibiting a premium of 56.25% over the issue price of Rs 32. On that day, it settled at Rs 59.99, a premium of 87.47% over the issue price.

The stock hit a record high of Rs 73.67 today. It hit a record low of Rs 49.99 on 29 November 2023.

IREDA's IPO was subscribed 38.80 times. The issue opened for bidding on 21 November 2023 and it closed on 23 November 2023. The price band of the IPO was fixed at Rs 30-32 per share.

The offer consisted of fresh issue of 40.32 crore equity shares and an offer for sale of 26.88 crore equity shares.

The company proposed to utilize the net proceeds from the fresh issue towards augmenting the capital base to meet future capital requirements and onward lending. The company expects to receive the benefits of listing the equity shares on the stock exchanges, including to enhance brand image among existing and potential customers and creation of a public market for the equity shares in India.

IREDA is a financial institution with over 36 years of experience in the business of promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. It provides a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for RE projects and other value chain activities, such as equipment manufacturing and transmission.

IREDA is a 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..

The firm reported a net profit of Rs 579.32 crore and net sales of Rs 2,285.69 crore for the six months ended on 30 September 2023.

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