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IREDA share price rallied over 3% in early trade on Tuesday after the company received shareholders approval for fundraise through Qualified Institutional Placement (QIP). IREDA shares jumped as much as 3.72% to ₹178.40 apiece on the BSE.
State-owned Indian Renewable Energy Development Agency (IREDA) has got shareholders’ approval for raising up to ₹5,000 crore through issuance of equity shares to qualified institutional buyers.
The proposal received the shareholders’ nod at the 22nd Extraordinary General Meeting on Monday.
All the resolutions as mentioned in the notice for the EGM have been duly approved and passed by the shareholders as a special resolution with requisite majority, a BSE filing said.
As per the notice, the company anticipates growth opportunities in its existing operations and continues to evaluate various avenues, for which it requires capital.
At 9:35 AM, IREDA shares were trading 2.21% higher at ₹175.80 apiece on the BSE.
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