Shares of Indian Renewable Energy Development Agency Ltd. (IREDA) rallied by 11% to a day’s high of Rs 265.70 on 22nd August after the company announced it is considering raising up to Rs 4,500 crore through qualified institutional placement (QIP), rights issue, or other means.

A board meeting to consider and approve the proposal for fundraising will be held on Thursday, 29th August.

The company announced a net profit of Rs 383.69 crore for the quarter ending on 30th June, 2024, representing a 30% increase compared to the previous year. Revenue from operations increased by 32% to reach Rs 1,502 crore.

IREDA’s asset quality has improved, and its stock had a strong debut on 29th November last year, listing with a premium of over 56% and rising significantly since then. Shares are now 710% above the IPO price of Rs 32 and nearly 420% above the listing price of Rs 49.99.

The stock has surged 144% this year, doubling investors’ money, while the benchmark Nifty 50 has risen 14% in the same period.

The company’s market capitalization rose to Rs 69,000 crore.

At 11:55 AM, the shares of IREDA were trading 10.17% higher at Rs 263.25 on NSE.

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