Shares of Indian Renewable Energy Development Agency Limited (IREDA) surged 10.03 per cent today, trading at ₹262.85, up by ₹23.95 on the BSE as of 11:45 am.
Indian Renewable Energy Development Agency Limited (IREDA) announced today that its board will meet on August 29, 2024, to discuss a proposal for raising up to ₹4,500 crore through equity share issuance. The state-owned company is considering various options, including a Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or Preferential Issue.
- Also read: IREDA eyes FPO to raise capital for green energy projects
The fundraising may occur in one or more tranches, subject to statutory and government approvals. IREDA has closed its trading window for insiders from August 21 until 48 hours after the board meeting concludes.
This move comes as part of the company’s efforts to strengthen its capital base and support its renewable energy financing activities.
