MUMBAI: The board of Indian Renewable Energy Development Agency (Ireda), the state-owned renewable energy focused non-banking lender, has approved a Rs 5,000-crore debt funding plans and has also hiked the borrowing limit for the current fiscal. The company also increased its borrowing limit for the current financial year to Rs 29,200 crore from Rs 24,200 crore.
In an exchange filing, Ireda said its board on Monday approved a fundraising plan of Rs 5,000 crore through issuing debt including through corporate bonds, loans from domestic banks and foreign investors, and international agencies.
“The board has approved the enhancement of borrowing programme for FY25 by Rs 5,000 crore through taxable bonds/ sub-ordinated tier-II bonds/perpetual debt instruments/term loan from banks and FIs/lines of credit from international agencies (multilateral and bilateral agencies)/external commercial borrowings/short term loans & from banks,” the BSE filing said.
Ireda shares closed 1.25% lower at Rs 138.10 on Monday. The announcement of the fundraising was disclosed after the market hours. Its stocks which had given given investors more than 118% returns on their investment in the last five years and 3% returns in the last one-year period, were down 48% on Monday from record high.