IREDA Share Price: Rs 1500 crore raised through bonds; BUY?
ireda share price: rs 1500 crore raised through bonds; buy?
IREDA Share Price: Indian Renewable Energy Development Agency or IREDA has raised Rs 1,500 crore through issuance of bonds. The bond issuance by state-run company consisted a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore.
According to an exchange filing by the company, the issue was oversubscribed at 2.65 times. The funds have been raised at an annual interest rate of 7.44 per cent for a tenure of 10 years and two months.
IREDA Share Price Target
On Friday, IREDA shares closed sharply higher with gains of more than 7 per cent at Rs 190.10 on NSE. According to Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One, IREDA is currently experiencing an upward trend and is comfortably positioned above all its major EMAs on the daily chart. The stock has been steadily gaining momentum since the beginning of the new financial year and is poised to reach its all-time high.
From a technical perspective, he said that the stock is well-supported in the Rs 170-160 range, and maintaining this level could work in favor of buyers during any dips. However, breaking through the Rs 195-200 range poses a challenge for the bulls. "A decisive breach of this level could potentially trigger the next phase of the rally from a short to medium-term outlook."
IREDA Share Price History
IREDA is a PSU under the administrative control of Ministry of New and Renewable Energy. IREDA IPO was launched in November 2023. The company issued its equity shares at Rs 32 apiece in the primary market.
IREDA shares made a dream debut at Rs 60 on the bourses, yielding a listing gain of 87.50 per cent. The PSU stock made an all-time high of Rs 215 on February 6 this year.
IREDA provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation. The company commands a market cpa of Rs 50,489.66 crore as in June 22, according to BSE.