The Indian Renewable Energy Development Agency Limited (IREDA) shares rose 6% in early trading hours on July 1, on release of the financial year’s 2024-25, first quarter (Q1) updates, as per the company’s recent exchange filing. 

IREDA is a government-owned enterprise under the Ministry of New and Renewable Energy (MNRE). The company reported a 382.62% year-on-year increase in loan sanctions for the June 2024 quarter, totaling Rs 9,136 crore compared to Rs 1,893 crore a year earlier. 

Additionally, the company’s loan disbursements rose 67.61% year-on-year to Rs 5,320 crore from Rs 3,174 crore in the June 2023 quarter. The firm’s outstanding loan book grew to Rs 63,150 crore in Q1FY25, up 33.77% from Rs 47,207 crore a year ago.

IREDA is considering raising equity capital through a public offer, subject to the government’s consent. The company’s management mentioned the possibility of the Follow-on Public Offer (FPO) taking place between November this year and February next year.

IREDA launched its IPO in November last year, issuing its equity shares at Rs 32 per share in the primary market. IREDA focuses on promoting and financing renewable energy and energy efficiency projects and is committed to providing innovative financing and ensuring customer satisfaction through efficient and transparent services.

At 12:43 pm, IREDA shares were trading 2.91% higher at Rs 195.99 on the National Stock Exchange (NSE).