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IREDA Shares Jump 4% After ₹1,500 Cr Bond Issue Oversubscribed

Published 24-06-2024, 09:26 am
© Reuters.  IREDA Shares Jump 4% After ₹1,500 Cr Bond Issue Oversubscribed

Benzinga - IREDA‘s share price was gaining for the third straight session on Monday going up over 4% to hit an intraday high of ₹195.40.

What Happened: The state-run company on Friday evening said it had successfully raised ₹1,500 crore through bond issuance, comprising a base issue of ₹500 crore and a green shoe option of ₹1,000 crore.

The issuance received an overwhelming response, being oversubscribed 2.65 times, and the funds were raised at an annual interest rate of 7.44% for a tenure of 10 years and two months.

IREDA Chairman and Managing director Pradip Kumar Das said he was satisfied with the response, highlighting the trust and confidence investors have in IREDA's vision and its role in advancing renewable energy growth in India.

This capital raising will bolster IREDA's efforts in financing green energy projects, aiding India’s goal of achieving a 500-gigawatt non-fossil fuel installed capacity by 2030, the company said.

The non-banking financial company is also planning a follow-on public offer (FPO) in the second half of FY25 to meet its capital requirements and further lending to green energy projects.

Price Action: IREDA’s share price was up 4% to trade at ₹195.04 as the markets opened on Monday.

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Read the original article on Benzinga

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