IREDA shares in news on board's nod to raise funds 

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) are in news today after the board approved a fundraise of up to Rs 5,000 crore through a qualified institutional placement (QIP). IREDA stock ended 1.72% lower at Rs 196.85 on Thursday against the previous close of Rs 200.30 on BSE. Market cap of the renewable energy stock slipped to Rs 52,908 crore. IREDA shares saw a high turnover of Rs 32.36 crore as 16.36 lakh shares changed hands on BSE.

In a regulatory filing, IREDA stated, “Board of the Company, at its meeting held today, i.e., Thursday, January 23, 2025, has considered and approved the raising of funds by issue of equity shares through a qualified institutions placement (QIP), in one or more tranches, under applicable laws, for an amount aggregating up to Rs 5,000 crore.”

The government’s stake sale in the QIP would not exceed 7 percent of its 75 percent holding in the firm. “The shareholding of the President of India, acting through the Ministry of New and Renewable Energy, Government of India, does not dilute more than 7% of the post-issue paid-up equity share capital of the Company, and subject to the receipt of approval of the shareholders of the Company,” the filing added.

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.