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IREDA Share Price : The stock of renewable energy sector NBFC company IREDA saw a rise of 11 per cent in Thursday's trading session. The company's stock rose 11.20 per cent to an intraday high of Rs 265.70 after the news of the board meeting to be held on August 29, 2024 to raise funds.
Strong rise in IREDA stock
When the stock market started trading on Thursday, the share of IREDA (Indian Renewable Energy Development Agency Limited) opened at Rs 246 and within a short time the share jumped by more than 11 percent to reach Rs 265.70.
The stock is currently trading at Rs 263.10 with a gain of 10.11 per cent. The market cap of IREDA has reached Rs 70,701 crore. However, the stock is trading below its all-time high of Rs 310.
The stock has given more than 8 times return in 9 months
This public sector NBFC came up with an IPO in renewable energy in November 2023. The company raised Rs 2150 from the market at an issue price of Rs 32. IREDA shares were listed on the stock exchange at Rs 50, but since then the stock has been rising steadily. IREDA shares have given more than 8 times return to its investors who invested in the IPO and it has become the biggest multibagger stock of 2024. Now once again after the news of fund raising has come out, investors are seeing strong buying in the stock.
Fund Raising Board meeting on 29th August
After the market closed on Wednesday, IREDA told the stock exchange in a regulatory filing that a meeting of the board of directors of the company has been called on August 29, 2024. The board meeting will discuss raising Rs 4500 crore and the board's approval will also be taken on this proposal. The company said that by issuing these equity shares, funds of Rs 4,500 crore will be raised in one or more phases.
These funds will be raised through FPO, QIP, rights issue, preferential issue or other approved modes or a suitable combination subject to statutory and Government approvals.
