Navratna PSU Stock, IREDA shares fall over by 1.65% ahead of QIP fund raise

Shares of the Indian Renewable Energy Development Agency fell over 2%, hitting a low of Rs 195.03 ahead of its board meeting to approve fund-raising plans through a Qualified Institutional Placement (QIP).

The company's board will meet today (January 23) to approve the fundraising proposal through the QIP route. Earlier in 2024, IREDA's board had approved raising a sum of Rs 4,500 crore by selling shares to eligible institutions.

 Last year, IREDA had also approved setting up a retail subsidiary and Das mentioned that it has submitted its business plan to the Reserve Bank of India and is awaiting approval from the banking regulator on the same.

Read Also : BEML Celebrates India's 76th Republic Day Swarnim Bharat - Virasat aur Vikas

CMD Das attributed the out of the Rs 433 crore rise in gross NPA, a significant portion came from one account that slipped into an NPA. The said account was a waste and bioenergy account. However, Das expects this number to trend downwards in the quarters ahead.

Shares of the PSU Company are trading lower by 1.6% with diluted EPS up by 14.5%.

Read Also : 76th Republic Day– 2025 Celebrations at ECIL