IREDA Stock Up 5% After Sealing Renewable Deal with Bank

New Delhi: The shares of the Indian Renewable Energy Development [IREDA] uplifted 5% to Rs 125.5 on Wednesday on BSE amid the signing of a partnership agreement with Indian Overseas Bank [IOB] to co-finance renewable energy projects in India.

The company’s shares have surged 52-week high of Rs 127.50 and get closed at Rs 122.10 with a trading volume of 16,632,527 shares on the BSE.

IREDA and the Indian Overseas Bank have collaborated by signing a memorandum of understanding and setting the status for co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation.

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The partnership aims to streamline loan syndication and underwriting processes, management of trust and Retention Account [TRA] for IREDA borrowers, and work towards fixed interest rates over a 3-4 year period for IREDA borrowings.

The IPO listing price of IREDA is Rs 50 per share, and the shares rallied 151%. While the stock has also increased 292% from its issue price of Rs 32 per share. The market cap of the company has crossed the Rs 33,500 crore mark. It was the first public sector company to enter the capital markets in more than a year, following LIC in May 2022.

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IREDA is a non-banking financial institution under the administration of the Ministry of New and Renewable Energy engaged in promoting, developing, and extending financial assistance for setting up projects related to energy efficiency and conservation.

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