Shares of IREDA jumped nearly 6 percent on July 3 to touch an all-time high of Rs 218.85 on the National Stock Exchange (NSE) amid high volumes.
In the previous session, as many as 50 lakh shares of IREDA changed hands in a block deal.
The total transaction value of the block deal was said to be Rs 100 crore.
Through the FPO, IREDA seeks to raise between Rs 4,000 crore to Rs 5,000 crore, he said in an interview with CNBC TV18.
So far this year, IREDA stock has jumped 107.50 percent, more than doubling investors' money.
IREDA is a non-deposit-taking non-banking financial company engaged in financing of renewable sector.
Shares of IREDA jumped nearly 6 percent on July 3 to touch an all-time high of Rs 218.85 on the National Stock Exchange (NSE) amid high volumes. as 1.37 million shares of the company traded in a bunched transaction, signalling notable investor interest and activity in the stock.
In the previous session, as many as 50 lakh shares of IREDA changed hands in a block deal. The number of shares that changed hands amounted to 0.16 percent of the total equity. The total transaction value of the block deal was said to be Rs 100 crore.
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Another block took place in IREDA last week where 89.2 lakh shares or 0.35 percent of the total equity worth Rs 189.4 crore changed hands. The transaction took place at an average price of Rs 213 per share.
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Recently, IREDA CMD Pradip Kumar Das said that the company has requested the government to allow it to carry out a Follow-on Public Offer (FPO) as it will need further equity infusion considering the pace at which it is growing.
Through the FPO, IREDA seeks to raise between Rs 4,000 crore to Rs 5,000 crore, he said in an interview with CNBC TV18. Das also mentioned that IREDA has also requested the Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help the company reduce borrowing costs.
Last month, IREDA successfully raised Rs 1,500 crore through the issuance of bonds, received an overwhelming response from investors, being oversubscribed 2.65 times.
This capital raising will enable the company to further strengthen efforts in financing green energy projects, contributing to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030, IREDA had said.
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IREDA is a non-deposit-taking non-banking financial company engaged in financing of renewable sector. It is engaged in the field of promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy, energy efficiency & conservation.
The company had gone public in November last year, selling shares in its IPO at Rs 32 apiece. The stock had a stellar debut, listing at a premium of 56.25 percent over the IPO issue price.
So far this year, IREDA stock has jumped 107.50 percent, more than doubling investors' money. Currently, the multibagger PSU stock is trading 581 percent above the issue price.
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