IREDA board OKs fund raising upto Rs 4,500 crore

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.

IREDA is a 'Navratna' Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.

 

The companys 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.

Powered by Capital Market - Live News