Ireda Shares Surge as Board Considers Rs 4,500 Crore Fundraising Plan

Shares of Indian Renewable Energy Development Agency Ltd (Ireda) surged by over 8% following the announcement of a board meeting to consider raising Rs 4,500 crore through various share issuance methods. This move aligns with India's goal of achieving 500 GW of renewable energy by 2030.

Shares of Indian Renewable Energy Development Agency Ltd (Ireda) on Thursday rallied over 8 percent after the company announced that its board will consider a proposal to raise Rs 4,500 crore by issuing shares.

On the National Stock Exchange (NSE), the stock jumped 8.37 percent to close at Rs 258.95 per share. The scrip on the Bombay Stock Exchange (BSE) climbed 7.64 percent to end at Rs 257.15 per share. Intraday trading saw the shares peak over 11 percent at Rs 265.75 and Rs 265.70 on the BSE and NSE, respectively.

In terms of trading volume, 8.71 crore equity shares of Ireda were exchanged on the NSE, and 62.31 lakh shares changed hands on the BSE. The 30-share BSE Sensex rose by 147.89 points or 0.18 percent to close at 81,053.19, while the NSE Nifty increased by 41.30 points to settle at 24,811.50.

The board meeting, scheduled for August 29, will discuss raising funds up to Rs 4,500 crore through methods including Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or Preferential Issue. The fundraise is crucial as India aims to achieve 500 GW of renewable energy by 2030, requiring an addition of about 50 GW annually.

(With inputs from agencies.)