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.

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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%.

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