Multibagger stock IREDA's board meeting on august 29…
In the field of renewable energy, multibagger government NBFC company IREDA (Indian Renewable Energy Development Agency Ltd) has said in a regulatory filing that the company's board meeting will be held on august 29, 2024 in which it will be considered to raise Rs 4500 crore by issuing shares.
In a regulatory filing with the stock exchange BSE, IREDA has informed under SEBI's Disclosure Regulations that the Board of Directors of indian Renewable Energy Development Agency Limited (IREDA) will meet on august 29, 2024. In this meeting, the board will discuss and approve the raising of Rs 4500 crore by issuing shares. The company said that this fund will be raised in one or more phases through FPO, QIP (Qualified Institutional Placement), rights issue, preferential issue or other methods for which legal and government approval will be taken.
IREDA raised money from the market through IPO in november 2023 at an issue price of Rs 32. The Rs 32 stock gave bumper returns to its shareholders and increased nearly 10 times to Rs 310. Currently, IREDA's share is trading at Rs 239. In the year 2024, the stock has given more than 100 percent return to investors.
Keeping in mind the increasing demand for electricity in the country and the environment, the Modi government is going to have a big focus on renewable energy. IREDA provides loans to companies associated with the field of solar power and wind energy. This is the reason why the company's shares are continuously rising. According to a report, the government wants to increase the renewable energy capacity to 500 GW by the financial year 2029-30, which will require an investment of Rs 24.43 lakh crore, in which IREDA will play a major role. IREDA is also going to benefit from the government's rooftop solar scheme.
click and follow Indiaherald WhatsApp channel