Page 5 - Ireda

Ireda hits 5% upper circuit on record loan sanctions, disbursements in FY24

Ireda said it recorded the highest-ever loan sanctions worth Rs 37,354 crore in FY24, while loan disbursements stood at Rs 25,089 crore

IREDA Board approves proposal of Rs 24,200 crore borrowing for FY25

State-owned Indian Renewable Energy Development Agency Ltd's (IREDA) board on Thursday approved a proposal of Rs 24,200 crore borrowing for 2024-25. The borrowing includes fundraising through bonds, perpetual debt instruments (PDI), term loans, commercial papers, and external commercial borrowings (ECB), a regulatory filing said. According to the filing, the Board of Directors, in its meeting held today -- Thursday, March 28, 2024 -- inter-alia has approved the borrowing programme of up to Rs 24,200 crore for FY 2024-25. Further, the Ministry of New & Renewable Energy (MNRE) vide office order dated March 27, 2024, has conveyed the Order of Appointments Committee of the Cabinet (ACC) dated March 15, 2024, regarding entrustment of additional charge of the post of Director (Technical), IREDA, to Bijay Kumar Mohanty, Director (Finance), IREDA, for a period of 6 (six) months from March 5, 2024, or till the appointment of regular incumbent, or until further orders, whichever is the ...

IREDA posts 67% rise in profit at Rs 355 crore in Oct-Dec quarter

State-owned IREDA on Saturday posted a 77 per cent rise in net profit at Rs 355.54 crore during the quarter ended December 2023, pushed by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. During the quarter under review, the company's total income surged to Rs 1,253.19 crore, from Rs 868.97 crore a year ago. Its expenses were Rs 867.05 crore in the period under review, as against Rs 634.27 crore in the year-ago period. The equity shares of the company were listed on BSE and National Stock Exchange on November 29, 2023. IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

IREDA, Indian Overseas Bank partner to co-finance renewable energy projects

State-owned IREDA on Tuesday announced a partnership with Indian Overseas Bank (IOB) to co-finance renewable energy projects in India. The agreement was signed in the presence of IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava in the national capital, a statement said. Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank have joined hands by signing a memorandum of understanding (MoU). The agreement sets the stage for co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, it added. The IREDA CMD said, "By combining our strengths and resources, we aim to provide robust financial support to renewable energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3-4-year period for IREDA borrowings". This collaboration builds upon IREDA's successful

Financial sector stocks, new listings take centerstage in November for MFs

The equity market witnessed a sharp rally last month. The benchmark Nifty50 rose by 5.5 per cent, the most since July 2022

IREDA hits 20% upper limit; stock up 166% against issue price in 11 days

IREDA has launched a retail division to gear towards enhancing emphasis on providing loans to borrowers in the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.

IREDA floats retail division for business to customers loans at COP28 event

State-owned Indian Renewable Energy Development Agency has floated a retail division for providing loans under PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors. IREDA Chairman & Managing Director Pradip Kumar Das announced the launch of the retail division while he was speaking during the Leaders' Dialogue on 'Actioning Solutions for Global Sustainable Development and Governance of Resources' on December 7, 2023, organized by CEEW & CII as part of COP28 in Dubai, IREDA said in a statement. Shortly after opening, IREDA's retail division quickly sanctioned its first loan amounting to Rs 58 crores under KUSUM-B, it said. Das also proposed a significant stride towards sustainable investing by suggesting a 1 to 2 per cent Assets Under Management (AUM) allocation for domestic pension and insurance funds into Renewable Energy (RE) bonds. This strategic move aims to deepen bond markets, fostering increased global and local investments.

Our successful listing gives justice to RE growth in India: IREDA CMD

'The company is now trying to widen its scope to new and emerging green sectors, widen its borrowers base, use innovative financing tools to cater to large projects and become a Navratna soon'

Stocks to Watch: Tata Tech, Gandhar Oil, Airtel, BoB, Thomas Cook, IDBI Bk

Stocks to watch on Thursday, November 30, 2023: Debutants Tata Technologies, Gandhar Oil Refinery and Fedbank Financial Services likely to hog the limelight in trades today.

Renewables lender IREDA hits over $1.8 bn valuation in trading debut

Shares of IREDA, which were listed at 50 rupees, climbed to a high of 57.75 rupees, well above their initial public offer (IPO) price of 32 rupees

IREDA makes stellar debut; stock lists at 56% premium over its issue price

Post listing, the stock of state-owned financial institution company moved higher to Rs 55.45 on the NSE, commanding a hefty 73 per cent premium over its issue price of Rs 32 per share

IREDA IPO subscribed 38.8 times; Tata Technologies, Gandhar at 15x

IREDA has set the price band for its IPO between Rs 30 and Rs 32 per share

IREDA fixes price band at Rs 30-32 per share for Rs 2,150 crore IPO

Indian Renewable Energy Development Agency Ltd (IREDA) on Thursday fixed the price band for its up to Rs 2,150.21 crore Initial Public Offering (IPO) at Rs 30-32 per equity share, the company said here on Thursday. The company's maiden IPO will open for the public on November 21 for subscription and close on November 23, it said. Investors can bid for a minimum of 460 equity shares and in multiples of 460 equity shares thereafter, it said. The public issue of face value of Rs 10 per equity share comprises fresh issuance of equity shares up to 403.16 million and an Offer for Sale (OFS) of up to 268.78 million shares aggregating to up to 671.94 million equity shares, the government-owned company said. The company is into promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects, offering a comprehensive range of financial products and related services, from project conceptualisation to ...

IREDA public issue to open on Nov 21; sets price band at Rs 30-32 share

State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday fixed a price band of Rs 30-32 per share for its Rs 2,150-crore initial public offering (IPO). The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement. This would be the first public issue by a public sector enterprise after Life Insurance Corporation's IPO in May last year. IREDA would issue up to 40.31 crore fresh shares to mobilize around Rs 1,290 crore at the upper end of the price band. Besides, Government of India, currently the sole shareholder, will offer up to 26.88 crore shares in an offer for sale (OFS) in a bid to collect Rs 860 crore. Proceeds from the fresh issue will be used for augmenting IREDA's capital base to meet its future capital requirements and onward lending. Half of the issue size has been reserved for qualified institutional buyers, 35 p

Ireda Q2FY24 result: PAT up 54% YoY at Rs 285 cr; net NPA down 39%

The central government enterprise reported 49% increase in income from operations and a surge of 17% in the enterprise's net worth

Need investments to reduce green hydrogen production cost: Ireda CMD

The cost of producing green hydrogen can be lowered through investments in research, development, and innovation, state-owned Ireda CMD Pradip Kumar Das has said. He made the remarks while addressing the AtoZero (Accelerate to Net Zero) ASEAN Summit in Kuala Lumpur in Malaysia, the Ministry of New and Renewable Energy (MNRE) said in a statement. "Das highlighted the importance of reducing the cost of Green Hydrogen through investments in research, development, and innovation. These investments aim to identify cost-effective methods for green hydrogen production," it added. He also advocated for leveraging economies of scale in transportation (including pipeline and liquefaction) and storage facilities by establishing hydrogen hubs. These hubs would promote greater utilisation of infrastructure, further advancing the green hydrogen sector. Indian Renewable Energy Development Agency (Ireda) has also set up a pavilion at the event, which was inaugurated by Deputy Prime Minister of ...

State-owned IREDA partners with BoM to finance renewable energy projects

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday inked an initial pact with Bank of Maharashtra to finance renewable energy projects. The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, according to a statement. "IREDA has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) today, September 18," the statement said. The MoU comprises several services, including co-lending and co-origination support for all renewable energy projects, facilitating loan syndication and underwriting, management of trust & retention account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings, the statement said. Under the agreement, BoM can invest in the bonds issued by IREDA in accordance with the specified terms and conditions of the offering. The MoU was signed by

State-owned non-bank lender IREDA files for IPO with market regulator

State-owned non-banking financial company, Indian Renewable Energy Development Agency (IREDA), has filed for an initial public offering (IPO) with the country's markets regulator, as per draft papers

Indian Renewable Energy Development Agency files IPO papers with Sebi

As on June 2023, IREDA's portfolio of outstanding term loans stood at Rs 47,206.66 crore. The company's term loans outstanding are spread across 23 states

IREDA ropes in Union Bank, BoB to co-finance renewable energy projects

State-owned IREDA has partnered with public sector lenders Union Bank of India and Bank of Baroda to co-finance renewable energy projects. Under the Ministry of New and Renewable Energy, IREDA is a non-banking financial institution engaged in extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation. In a statement on Tuesday, the Indian Renewable Energy Development Agency Ltd (IREDA) said it has signed Memorandum of Understanding (MoU) with Union Bank of India (UBI) and Bank of Baroda (BoB). These agreements will facilitate co-lending and loan syndication for a wide range of renewable energy projects, IREDA said. IREDA General Manager (Technical Services) and Dhirendra Jain, General Manager (Large Corporate Vertical) of UBI signed the MoU in presence of IREDA CMD Pradip Kumar Das and A Manimekhalai, Managing Director & CEO of Union Bank of India. While Bharat Singh Rajput of IREDA and Dhiren Lalai, ...