IREDA's Market Debut Rockets 87 Percent, Ignites Optimism in Renewable Energy Investments
With 57.97 crore shares changing hands on the NSE and 3.81 crore shares on the BSE, IREDA's brisk trading activity reflects the market's keen interest in the company.
November 29, 2023. By Abha Rustagi
The government-owned firm's market capitalization nearly doubled to a staggering INR 16,124 crore, marking a significant milestone for IREDA and signaling investor confidence in the renewable energy space.
Listed at a higher-than-expected price of INR 50 on the National Stock Exchange (NSE), the stock soared by 56 percent from its issue price of INR 32.
As the trading day progressed, the stock continued its upward trajectory, reaching INR 60 in the afternoon—a 20 percent increase from the listing price and hitting its upper circuit limit. In the 'B' group category on the BSE, IREDA's upper and lower circuit limit stands at 20 percent of the opening price.
With 57.97 crore shares changing hands on the NSE and 3.81 crore shares on the BSE, IREDA's brisk trading activity reflects the market's keen interest in the company.
IREDA, a Mini Ratna (Category - I) government enterprise, plays a pivotal role in providing financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects. The company's commitment aligns with the anticipated significant growth in the renewable energy sector, driven by government initiatives and escalating environmental concerns.
Having raised INR 2,150 crore through its IPO, IREDA is poised to utilize the issue proceeds of INR 1,290 crore to meet capital requirements and for onward lending. Additionally, the government successfully offloaded a portion of its stake, earning INR 860 crore in the process.
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