IREDA shares jump 9% on Rs 4,500 crore fundraising plan
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Shares of Indian Renewable Energy Development Agency (IREDA) jumped nearly 9% to Rs 259.3 in Thursday's trade on the BSE, as the company's board is expected to consider a proposal to raise Rs 4,500 crore in one or more tranches through a follow-on public offer (FPO) or other modes during its meeting on August 29. In its filing to the exchanges post-market hours on Wednesday, IREDA informed about its fundraising plan via FPO or other routes — qualified institutional placement (QIP), rights issue, or preferential issue. It could also be a combination of these, the filing said. At 10:09 am, the stock was trading 6.8% higher at Rs 255 on BSE. The stock was listed on November 29, 2023, and has jumped by a whopping 700% versus the issue price of Rs 32. IREDA reported a net profit of Rs 384 crore for the quarter ended June 30, 2024 — a 30% uptick over Rs 295 crore reported in the year-ago period. The revenue from operations stood at Rs 1...