Indian Renewable Energy Development Agency (IREDA) is planning to raise Rs 1,500 crore ($172.95 million) by selling bonds maturing in 11 years. It includes a greenshoe option of Rs 1,000 crore, reported Reuters citing three bankers.
The firm has requested bids for coupons and commitments from bankers and investors.
The share price of IREDA didn’t see any reaction to the news. It went up as much as 3% to a high of Rs 175.60, intraday. It was trading around a price of Rs 172.62, up 1.4%, when Reuters reported the company’s fundraising plan.
Apart from that, the company’s wholly-owned subsidiary got approval from the International Financial Services Centre Authority on February 18 to open a finance company in GIFT City, Gujarat.
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“International Financial Services Centre Authority (IFSCA) vide its letter dated September 04, 2024, has granted the provisional registration to IREDA Global Green Energy Finance IFSC Limited, (a wholly owned subsidiary of IREDA Ltd) as a finance company at Gift City, Gujarat. In this regard, we are pleased to inform you that IREDA Global Green Energy Finance IFSC Limited now has received the Certificate of Registration dated 18.02.2025 from IFSCA to undertake the activities as a Finance Company,” read an exchange filing.
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The company reported a 26.8% year-on-year increase in its net profit for Q3 FY25, standing at Rs 425.4 crore compared to Rs 335.5 crore in the same period of the previous fiscal year. The company’s net interest income (NII) rose 39% YoY to Rs 622.3 crore in the third quarter of FY25, against Rs 448.1 crore in Q3 of the last financial year.
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