Indian Renewable Energy Development Agency Ltd.’s share price rose, as shareholders of the company approved to raise capital through equity issuance.
The company will raise Rs 5,000 crore via qualified institutional placement. It received shareholders’ approval on its 22nd Extra Ordinary General Meeting. Chairman and Managing Director, Pradip Kumar Das, chaired the meeting, which was attended by all board members.
In the EGM, Indian Renewable Energy Development Agency received approval to amend its article of association. It introduced a new amendment on formation of joint venture and subsidiaries in India and abroad. It also conferred the power to exercise enhanced power under ‘Navratna’ status granted by the Government of India.
IREDA Share Price
Indian Renewable Energy Development Agency share price rose 3.74% to Rs 178.45 apiece. It was trading 1.83% higher at Rs 175.15 apiece as of 9:49 a.m., as compared to a 0.30% advance in the NSE Nifty 50.
The stock has risen 14.98% in 12 months. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 43.00.
Out of two analysts tracking the company, one maintains a ‘buy’ rating, and one suggests ‘sell’, according to Bloomberg data. The average 12-month analysts’ consensus price target implies an upside of 12.6%.
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