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Hot Pursuit
18-Mar-25
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IREDA rallies after board OKs raising borrowing limit to Rs 29,200 crore
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Indian Renewable Energy Development Agency (IREDA) jumped 4.63% to Rs 144.50 after the company’s board approved the enhancement of borrowing programme for FY25 by Rs 5,000 crore, raising the limit from Rs 24,200 crore to Rs 29,200 crore.
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The company will raise funds through taxable bonds/ sub-ordinated Tier-II Bonds/perpetual debt instruments (PDI) /term loan from Banks and FI’s /Lines of credit from international agencies (multilateral and bilateral agencies) /external commercial borrowings (ECB)/short term loans & working capital demand loan (WCDL) from Bank.
IREDA is a 'Navratna' Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation. As on December 2024, GoI held 75% stake in IREDA.
IREDA's standalone net profit jumped 27% to Rs 425 crore on 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.
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