IREDA: (Indian Renewable Energy Development Agency) has made a significant decision to approve the plan of raising ₹4,500 crore. This fund will be used for investing in new projects and company expansion. The board made this decision during a meeting held on August 29, 2024, signalling a crucial move for the investor community. Find out how this plan will affect your IREDA shares and whether a surge in the stock price is on the horizon!
Highlights:
- It has approved the plan to raise ₹4,500 crore.
- This fund may be raised through various means such as FPO, QIP, or Rights Issue.
- The funds will be utilized for company expansion and new projects.
- IREDA, shares have shown an impressive 320.67% surge in the past year.
- It has played a crucial role in India’s goal of producing 500 GW of renewable energy by 2030.
| Point | Details |
|---|---|
| Raised Amount | ₹4,500 Crore |
| Fundraising Methods | FPO, QIP, Rights Issue |
| IREDA Share Performance | 320.67% return in the last year |
| 2030 Renewable Target | Contributing to 500 GW Renewable Energy Goal |
| Current Share Price | ₹252 |
| Market Cap | ₹67,839 Crore |
Basic Information about the company:
IREDA, (Indian Renewable Energy Development Agency Limited) has recently planned to raise ₹4,500 crore. The company’s board approved this decision during a meeting held on August 29, 2024. The funds will be utilized for company expansion and new projects. This move is crucial not only for the company but also for investors, as it opens up significant opportunities in the Indian renewable energy sector. Now, the company awaits governmental approvals to explore new investment options.
IREDA’s Fundraising Decision
IREDA has deemed the decision to raise ₹4,500 crore as vital, with plans to gather this amount through various methods. These include Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or other means. The funds will be used for new projects and expansion, aligning with India’s goal of producing 500 GW of renewable energy by 2030.
Share Performance Following the News
Immediately following the news, there was a slight increase in IREDA’s shares. The company’s stock closed at ₹254.50 on the BSE, slightly higher than the previous day. Over the past year, IREDA’s shares have delivered an impressive 320.67% return, making it an attractive option in the stock market.
- Over the last five years, The share has shown a compound annual growth rate (CAGR) of 33.9%.
- The stock is currently trading at eight times its book value.
- The company has not declared any dividends as of now.
- As of June 2024, the company recorded a net profit of ₹295 crore, a 30.25% increase compared to the previous quarter.
IREDA’s Future Plans
This share will use this fund to invest in new projects, contributing to India’s 2030 renewable energy goals. This fund will allow the company to invest in larger projects, bringing significant changes to India’s energy sector.
Market Performance
It has shown strong performance. The company has demonstrated remarkable growth over the past five years, with expectations for continued momentum. Currently, the company’s shares are trading at ₹252, with a 52-week high of ₹310. The market cap stands close to ₹67,839 crore.
Key Data Points:
| Year | Profit (in Crore ₹) | Growth % | Market Cap (in Crore ₹) |
|---|---|---|---|
| 2021 | 225 | 25.4% | 60,000 |
| 2022 | 255 | 13.3% | 65,500 |
| 2023 | 295 | 30.25% | 67,839 |
| 2024 | 315 (Estimate) | 6.78% (YTD) | 70,000 (Expected) |
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Q1: How much does (Indian Renewable Energy Development Agency) plan to raise?
IREDA plans to raise ₹4,500 crore, which will be used for company expansion and new projects.
Q2: How will the funds be raised?
The funds may be raised through FPO, QIP, Rights Issue, or other methods.
Q3: Is investing in IREDA shares a good option?
IREDA shares have delivered a 320.67% return over the past year. Experts believe that the company has future growth potential, making it an attractive option for investors.
Q4: What is the Current market cap of IREDA?
Currently, IREDA’s market cap is ₹67,839 crore, making it a strong company.
Q5: The current price of IREDA shares?
IREDA: shares are currently trading at ₹252, slightly below its 52-week high of ₹310.
