IREDA Stock Gains 4% On Successfully Raising Rs 1,500 Cr Via Bonds Issue
The funds have been raised at an annual interest rate of 7.44 per cent for a tenure of ten years and two months
Indian Renewable Energy Development Agency (IREDA) stock surged over 4 per cent in the Monday trading session after the renewable financing firm successfully raised Rs 1,500 crore.
IREDA stock traded at Rs 191 with 2 per cent gain in the afternoon session on the National Stock Exchange (NSE).
“This is to inform you that IREDA has successfully raised Rs 1,500 crore through issuance of bonds,” stated the firm in a regulatory filing.
The bond issuance consisted of base issue of Rs 500 crore and green shoe option of Rs 1,000 crore, received an overwhelming response from investors, being oversubscribed 2.65 times.
The funds have been raised at an annual interest rate of 7.44 per cent for a tenure of ten years and two months.
“We are happy with the overwhelming response to our bond issuance. The oversubscription by 2.65 times underscores the trust and confidence that investors have in IREDA’s vision and its crucial role in driving the renewable energy growth in the country,” said Pradip Kumar Das, Chairman and Managing Director, IREDA.
This successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving 500 GW non-fossil fuel installed capacity target by 2030, he added.
