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IREDA shares zoom 11% on plans to raise Rs 4,500 crore via QIP, rights issue

IREDA Shares Today: Shares of IREDA rose 11.2% to an intraday high of Rs 265.70 after the company said that it is considering raising funds up to Rs 4,500 crore through Qualified Institutional Placement, rights issue, and other means, the company said in an exchange filing.

The company will propose the fundraising in front of the board of directors for its approval on August 29.

“…to consider and approve the proposal for raising of funds by way of equity share capital for an amount aggregating of up to Rs. 4500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or a combination, as may be deemed appropriate, subject to the Statutory or Govt. Approval,” said the company in an exchange filing. 

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The stock IREDA made a market debut on November 29, 2023, listing at a 56.25% premium to its issue price. The stock was listed at a price of Rs 50 on BSE while the IPO price was Rs 32. 

As of August 21, 2024’s closing price, the stock has risen 378% from its listing price. It has given a return of 10% in the last five days. The stock has raised investors’ wealth by more than almost 152% from year to date. 

To compare, the benchmark index Nifty 50 has risen 1.6% in the past four trading sessions. It gave a return of 1% in the last one month. The index has raised investors’ wealth by 28% in the last six months and almost 130% in the past five years.

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