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IREDA aims to raise ₹4,500 crore through FPO, QIP, or other methods, with a board meeting on August 29. The IREDA share price, currently at ₹239.10, has surged by 298.50% in the past year, reflecting strong investor confidence.
The Indian Renewable Energy Development Agency Limited (IREDA) has announced plans to raise ₹4,500 crore through various financial avenues, including a Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, Preferential Issue, or other legally permitted methods.
The decision will be discussed during a board meeting scheduled for August 29, 2024.
IREDA's fundraising strategy involves raising up to ₹4,500 crore in one or more tranches, depending on the company's needs and market conditions. The company has highlighted that the fundraising could occur through a single mode or a combination of options, subject to necessary statutory and government approvals.
The flexibility in approach allows IREDA to adapt to market dynamics and select the most favourable method for raising capital.
Since its Initial Public Offering (IPO) in November 2023, IREDA's shares have seen remarkable growth, with a near tenfold increase from the initial price of ₹32 to a current value of ₹239.10.
Despite a slight dip of ₹1.35 or 0.56% on Wednesday, IREDA share price has gained 298.50% over the past 12 months, demonstrating strong investor confidence and market performance.
IREDA's upcoming board meeting and its decision to explore various fundraising options are crucial steps in its growth strategy. The planned capital raise of ₹4,500 crore will provide the company with the financial resources needed to further its renewable energy initiatives.
As the IREDA share price continues to attract investor attention, the company's financial manoeuvres will be closely watched by market participants.
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