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IREDA shares surge over 10% on ₹4,500-crore fundraising plan: Should you buy?
IREDA share price: IREDA shares surged over 10% as the board considers raising ₹4,500 crore through share issuance.
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) surged more than 10 per cent today after the company said its board will consider a proposal to raise up to ₹4,500 crore through issuance of shares.
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The stock of IREDA jumped 10.19 per cent to trade at ₹263.30 apiece on the NSE. On the BSE, it rallied 10.07 per cent to ₹262.95. In the intraday trade, shares of IREDA advanced more than 11 per cent to hit a high of ₹265.75 and 265.70 apiece on the BSE and NSE, respectively.
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The 30-share BSE Sensex rallied 242.61 points or 0.30 per cent to 81,147.91 points, while NSE Nifty jumped 74.95 points to 24,845.15.
This comes after IREDA said its board will consider a proposal to raise up to ₹4,500 crore through issuance of shares in its meeting on August 29.
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The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Rights Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, the company said in a regulatory filing.
