Shares of Indian Renewable Energy Development Agency (IREDA) are in news today as the firm has raised Rs 1500 crore via bonds. The multibagger stock, which listed at Rs 50 last year ended at Rs 187.85, closed 5.83% higher on Friday. Market cap of the firm stood at Rs 50,489.66 crore.
IREDA shares saw a high turnover of Rs 208.64 crore on Friday as 112.63 lakh shares changed hands on BSE. IREDA stock rose to its all-time high of Rs 215 on February 6, 2024. It fell to a 52 week low of Rs 49.99 on November 29, 2023. The stock listed at a premium of 56.25% over the IPO issue price of Rs 32 in the same session.
The bond issue consisted of a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore, subscribed 2.65 times.
The funds were raised at an annual interest rate of 7.44% for a tenure of 10 years and two months, IREDA said.
In terms of technicals, the relative strength index (RSI) of the stock stands at 58, signaling it's trading neither in the overbought nor in the oversold zone.
IREDA shares stand higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The IPO of IREDA was open from November 21 to November 23, 2023. The price band of IREDA's IPO was Rs 30-32 apiece with a lot size of 460 shares.
IREDA is a Mini Ratna (Category - I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.