The largest pure-play green financing NBFC of India, the Indian Renewable Energy Development Agency Limited (IREDA), has achieved its highest-ever annual loan sanctions and disbursements in the financial year 2023-24.
As per the information shared by the Ministry of New and Renewable Energy, the company has sanctioned loans amounting to Rs 37,354 crores and disbursed loans worth Rs 25,089 crores during the fiscal year.
This has led to a significant growth of 26.71% in the loan book, which now stands at Rs 59,650 crores.
Following healthy quarterly business updates of the company, the stocks IREDA zoomed 5% to hit its upper circuit in trade on Tuesday following healthy quarterly business updates.
At 10.45am, the IREDA stock was quoting Rs 149.75 on the NSE, higher by 5 percent from the previous session’s closing price.
On March 28, the IREDA board of directors approved a proposal of Rs 24,200 crore borrowing for 2024-25. It included raising through bonds, perpetual debt instruments (PDI), term loans, commercial papers, and external commercial borrowings (ECB), a regulatory filing said.
On March 20, the NSE revoked the inclusion of IREDA in several key indices due to the firm’s non-compliance with the Sebi portfolio concentration norms.
“As IREDA breached one of the requirements of Sebi Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds related to impact cost, the committee has decided to revoke its earlier decision to include IREDA announced on February 28, 2024,” said the NSE in a press release.