IREDA jumps after board to mull fund raising upto Rs 4,500 cr

The company's board meeting is scheduled to be held on Thursday, 29 August 2024, inter-alia, to consider and approve the proposal for raising of funds by way of equity share capital for an amount aggregating of upto Rs. 4500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue.

IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on 30th June 2024, GoI held 75% stake in IREDA.

The company's consolidated net profit jumped 30% to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24. Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.