IREDA reports 303% rise in credit sanctions to ₹17,860 Cr, stocks subdued

Indian Renewable Energy Development Agency (IREDA) reported a business update for the first half of the current fiscal year.

What happened: According to an exchange filing, IREDA witnessed a 303% increase in loan sanctions and approved loans worth ₹17,860 crore as compared to ₹4,437 crore sanctioned in the same period last year.

As for loan disbursements, IREDA disbursed ₹9,787 crore in the first half of the financial year, an increase of 56% over the ₹6,273 crore disbursed in the corresponding period last year. The company’s outstanding loan book stood at ₹64,500 crore at the end of the half year, growing 36% from ₹47,514 crore in the year-ago quarter.

Also See: NHPC signs MoU with Rajasthan government for renewable energy projects worth Rs 50,000 cr

The company has announced plans to raise up to ₹4,500 crore, primarily through an institutional share sale. The Ministry of Disinvestment and Public Asset Management recently approved a new equity issue that could result in a 7% dilution of the government’s current 75% stake in the renewable energy financier.

Price promotion: IREDA’s share price fell 1.12% to trade at ₹232.25 soon after the market opened on Tuesday.

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Disclaimer: This content was created in part with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.