IREDA shares jump 9% on Rs 4,500 crore fundraising plan
Indian Renewable Energy Development Agency (IREDA) jumped nearly 9% to Rs 259.3 in Thursday's trade on the BSE, as the company's board is expected to consider a proposal to raise Rs 4,500 crore in one or more tranches through a follow-on public offer (FPO) or other modes during its meeting on August 29.
In its filing to the exchanges post-market hours on Wednesday, IREDA informed about its fundraising plan via FPO or other routes — qualified institutional placement (QIP), rights issue, or preferential issue. It could also be a combination of these, the filing said.
At 10:09 am, the stock was trading 6.8% higher at Rs 255 on BSE. The stock was listed on November 29, 2023, and has jumped by a whopping 700% versus the issue price of Rs 32.
IREDA reported a net profit of Rs 384 crore for the quarter ended June 30, 2024 — a 30% uptick over Rs 295 crore reported in the year-ago period. The revenue from operations stood at Rs 1.502 crore in the quarter as against Rs 1,144 crore logged in the corresponding quarter of the previous financial year. It was a jump of over 32%.
The state-run NBFC sanctioned a loan worth Rs 9,210 crore as against 1,892 crore, which was up by 387%, the company said in its filing to the exchanges. The loans disbursed were to the tune of Rs 5,326 crore as against 3,173 crore in the year-ago period. It was higher by 68%.
The loan book as on June 30, 2024, stood at Rs 63,207 crore as against Rs 47,207 crore in Q1FY24, up by 34%.
The net non-performing assets (NPAs) stood at 0.95% as against
