IREDA to Hold Board Meeting on January 23 to Approve ₹4,500 Crore QIP

Shares of Indian Renewable Energy Development Agency (IREDA) will remain in focus on Monday, January 20, 2025, following the announcement of its upcoming board meeting to finalise fund-raising plans through a Qualified Institutional Placement (QIP).

Board Meeting for QIP Approval

IREDA has scheduled its board meeting on Thursday, January 23, to approve a proposal for raising funds via the QIP route. This follows last year’s board approval to raise ₹4,500 crore by selling shares to eligible institutional investors.

The Indian Renewable Energy Development Agency (IREDA), a public sector undertaking that provides financial assistance and services for renewable energy and energy efficiency projects, informed the stock exchanges about its upcoming board meeting.

Scheduled for Thursday, January 23, 2025, the meeting will consider and approve raising funds by issuing equity shares via a Qualified Institutions Placement (QIP), subject to shareholder and regulatory approvals. The board will also finalise the notice for an Extraordinary General Meeting (EGM) to seek shareholder approval for the fund-raising initiative.

Q2FY25 Performance 

State-run IREDA reported a net profit of ₹388 crore for the quarter ended September 30, 2024, compared to ₹285 crore in the same period last year.

Revenue from operations for Q2FY25 stood at ₹1,629 crore, from ₹1,177 crore in Q2FY24. On a sequential basis, profit after tax (PAT) rose to ₹384 crore in Q1FY25, while revenue increased to ₹1,510 crore in the April-June quarter.

Share Performance 

On January 20, 2025, IREDA share price traded up by 0.14% at ₹207.45 at 11:40 AM (IST). IREDA’s share price reached a 52-week high of ₹310 on July 15, 2024, and a 52-week low of ₹115.85 on January 18, 2024. As per BSE, the total traded volume for the stock stood at 6.27 lakh shares with a turnover of ₹13.02 crore.

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