Bumper debut: Mini Ratna Government Enterprise witnesses an 85 per cent surge to listing day high

Shares listed at a substantial 56 per cent premium over the issue price of Rs 32

The Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category - I) Government of India Enterprise, operating under the administrative control of the Ministry of New and Renewable Energy (MNRE).

The company marked an impressive debut on the stock exchanges on November 29, with shares listing at a substantial 56 per cent premium over the issue price. The stock commenced trading at Rs 50 on the BSE, significantly higher than the issue price of Rs 32. Till 12 pm, the shares soared more than 85 per cent, reaching an intraday high of Rs 59.65 per share on the BSE.

Established in 1987 as an NBFC, the company is a public limited government entity dedicated to promoting, developing, and providing financial assistance for projects related to new and renewable sources of energy, as well as energy efficiency and conservation.

IREDA offers a comprehensive array of financial products and related services, spanning from project conceptualization to the post-commissioning stage in renewable energy projects and equipment manufacturing. The financial assistance provided by IREDA includes both fund-based and non-fund-based facilities, encompassing project finance, short-term loans, debt refinancing, performance guarantees, and letters of comfort.

The President of India acting through the Ministry of New & Renewable Energy, Government of India is the promoter of the company. The company has consistently demonstrated robust growth in both revenue and net profit over the past few years. In H1FY24, the company reported impressive figures, achieving a revenue of Rs 2,320 crore and a net profit of Rs 579 crore.

Disclaimer: The article is for informational purposes only and not investment advice.