Shares of IREDA rose nearly 7 percent to an all-time high of ₹224.6 on the National Stock Exchange (NSE) amid high trading volumes on July 3. A total of 1.37 million shares were traded in the group transaction, indicating significant interest from investors. Interest and activity in stocks.
In the last session, 5 million shares of IREDA were exchanged in the block deal, amounting to 0.16 percent of the total equity. The total transaction value of the block deal was reported to be ₹100 crore. Last week, another significant transaction took place in IREDA, with 8.92 million shares or 0.35 percent of the total equity exchanged hands, worth ₹189.4 crore.
Recently, IREDA CMD Pradeep Kumar Das announced that the company has requested approval from the government to float a follow-on public offer (FPO) to secure additional equity investment in view of its rapid growth. Last month, IREDA successfully increased ₹1,500 crore by issuing bonds, which received an overwhelming response from investors and were oversubscribed 2.65 times.
IREDA said this capital will enable the company to further assist in financing green energy projects, which will contribute to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030.
IREDA is a non-deposit taking non-banking financial company focused on financing the renewable energy sector. It promotes, develops and provides financial assistance to projects related to new and renewable energy sources as well as energy efficiency and conservation.
IREDA stock has gained 107.50 percent so far this year, more than doubling investors’ money. Recently, this multibagger PSU stock is trading 581 percent above its issue price. The company went public in November last year, offering its shares at a price of ₹32 each in its IPO. The stock had an impressive debut and was listed at a 56.25 percent premium to the IPO issue price.
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