Shares of IREDA, a non-banking financial company (NBFC) focused on green financing, were climbing sharply on Thursday as the firms look to undertake a massive fundraising.

What Happened: The company plans to raise up to ₹4,500 crore through methods such as qualified institutional placement (QIP), a rights issue or other available means, the company said in an exchange filing on Wednesday.

The proposal will be discussed in a board meeting scheduled for Thursday, August 29, where the plan will be up for approval.

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IREDA is a mini Ratna company under the Ministry of New and Renewable Energy. It offers a wide range of financial products and services, both fund-based and non-fund-based, supporting renewable energy projects from inception to post-completion stages, including equipment manufacturing and transmission-related activities.

Price Action: IREDA’s stock has seen a significant rise since its listing in November 2023, with an increase of nearly 130% so far in 2024.

Since making their debut on the bourses at an issue price of ₹32, the stock has climbed nearly eight times in value.

IREDA’s share price was up 8.16% at ₹258.45 in early morning trade on Thursday.

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