Ireda shares gain 4% after shareholder nod to Rs 5,000-cr fundraise via QIP

Ireda share price: Shares of Ireda climbed after its shareholders approved the company's proposal to raise Rs 5,000 crore via the issuance of equity shares to qualified institutional buyers

Ireda share price: Ireda (Indian Renewable Energy Development Agency) shares were in demand in Tuesday's trading session. The Government-backed financial services company's shares climbed as much as 3.7 per cent in early trades to hit an intra-day high of Rs 178.40, on Tuesday. 

  The stock of the Navratna central public section enterprise (CPSE) climbed after its shareholders approved the company's proposal to raise Rs 5,000 crore via the issuance of equity shares to qualified institutional buyers, through a Qualified Institutional Placement (QIP). 

  Also Read: Ireda gets shareholders' approval to raise up to Rs 5,000 cr via QIP 

  They also approved a change in the company's Article of Association after it was accroded the Navratna status. 

  The company, in an exchange filing, said: "... This is to inform you that shareholders of the company, in its 22nd Extra Ordinary General Meeting, held on 24.02.2025, has approved the Special Resolution by requisite majority to raise capital through an issuance of equity shares; and Amendment of Articles of Association of the Company consequent upon the grant of Navratna status to IREDA". 

  Meanwhile, at 9:45 AM, Ireda shares were trading 1.60 per cent higher, at Rs 174.75, on the BSE. In comparison, the benchmark BSE Sensex was trading at 74,737.48, higher by 0.38 per cent, or 283.07 points.  

  Similarly, on the NSE, Ireda share price was 1.80 per cent higher, at Rs 175.11, while the 50-stock benchmark Nifty50 was ahead by 56.95 points, or 0.25 per cent, at 22,610. 

  Ireda December (Q3FY25) quarter results 

I  The company's standalone net profit rose 27 per cent year-on-year (Y-o-Y) to Rs 425 crore in Q3 FY25, on a 36 per cent increase in revenue from operations to Rs 1,698 crore over Q3FY24. 

  Ireda's profit before tax (PBT) during the quarter jumped 39 per cent Y-o-Y to Rs 538 crore during the quarter, while its operating profit stood at Rs 652 crore, up 51 per cent compared to Rs 432 crore in Q3FY24. 

  The company's cost of borrowing declined to 7.68 per cent in Q3FY25, from 7.82 per cent in Q3FY24, while its net interest margin increased 3.33 per cent during the quarter, compared with 3.20 per cent recorded in corresponding quarter last year. 

  Ireda's yield on loan assets (gross) stood at 9.96 per cent as on 31 December 2024, compared to 9.87 per cent as on 31 December 2023. 

  About Ireda 

Backed by the Government of India, Indian Renewable Energy Development Agency Limited (Ireda) is a 'Navratna' company operating under the administrative control of Ministry of New and Renewable Energy (MNRE). It is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.