IREDA shares Business updates for first half financial year, Disbursements rises 56%

State-run Indian Renewable Energy Development Agency (IREDA) Ltd. reported its business update for April-September 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 Rs 17,860 crore from Rs 4,437 crore worth of loans that it sanctioned during the same period the previous year.

Regarding 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 Rs 9,787 crore, compared to Rs 6,273 crore last year.

At the end of the first half, IREDA's outstanding loan book totaled Rs 64,500 crore, marking a 36% increase from the previous year's quarter, when the PSU's loan book was Rs 47,514 crore.

IREDA recently received approval from the Department of Disinvestment and Public Asset Management for a fresh issue of equity that may lead to a dilution of up to 7% of the government's stake. The government currently holds a 75% stake in the renewable energy project financier.