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

What Happened: IREDA saw a 303% increase in loan sanctions, approving ₹17,860 crore worth of loans compared to ₹4,437 crore sanctioned during the same period last year, according to an exchange filing.

In terms of loan disbursements, IREDA disbursed ₹9,787 crore in the first half of the fiscal year, a 56% increase from the ₹6,273 crore disbursed in the corresponding period last year. The company’s loan book outstanding at the end of the half-year stood at ₹64,500 crore, reflecting a 36% growth from ₹47,514 crore in the previous year’s quarter.

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

Price Action: IREDA’s share price was down 1.12% to trade at ₹232.25 shortly after market open on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.