IREDAs share price surged 7% after the company announced its plans to raise funds, which could potentially lead to further upside.
The state-owned non-banking finance company intends to raise Rs 2,500 crore through a combination of debt and equity instruments. This move is expected to enhance IREDAs capital base and support its business growth.
Analysts believe that IREDAs decision to raise funds could lead to a re-rating of the stock, potentially driving further gains. The company’s shares have already risen 7% to Rs 155.30 on the BSE, and some analysts predict that the stock could reach Rs 170-180 in the near term.
IREDAs fundraise move is seen as a positive development, as it will enable the company to expand its lending activities and support the renewable energy sector. The company has been playing a crucial role in promoting clean energy in India and has supported several high-profile projects in the sector.
Overall, IREDAs share price rise is a testament to investor confidence in the company’s growth prospects and its role in supporting India’s renewable energy ambitions.