State-run Indian Renewable Energy Development Agency (IREDA) Ltd. reported its business update for the April-September period in an exchange filing on Monday evening.
For the first half of the current financial year, which ended on September 30, the loans sanctioned by IREDA increased by 303% from last year to ₹17,860 crore from ₹4,437 crore worth of loans that it sanctioned during the same period last year.
In terms of disbursements, IREDA disbursed 56% more loans in the period that ended on September 30, compared to the same half last year. The company disbursed loans worth ₹9,787 crore, compared to ₹6,273 crore last year.
At the end of the first half, IREDA’s loan book outstanding stood at ₹64,500 crore, which is a 36% growth from the year-ago quarter, when the PSU’s loan book stood at ₹47,514 crore.
IREDA has been in the news recently ahead of its upcoming fund raising plan. The company intends to raise up to ₹4,500 crore, mostly through an institutional share sale.
IREDA recently received approval from the Department of Disinvestment and Public Asset Management for fresh issue of equity that may lead to a dilution of up to 7% of the government’s stake. The government currently holds 75% stake in the renewable energy project financier.
Shares of IREDA ended little changed on Monday at ₹233. The stock is currently trading 0.8% lower on Tuesday, having corrected 25% from its peak of ₹310, which it had hit in July. At its peak, the stock was up nearly 10x from its IPO price of ₹32. IREDA’s shares had listed on the bourses towards the end of 2023.
