IREDA shines on getting nod to invest Rs 290 crore in 900 MW project in Nepal
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Indian Renewable Energy Development Agency is currently trading at Rs. 268.65, up by 11.25 points or 4.37% from its previous closing of Rs. 257.40 on the BSE.
The scrip opened at Rs. 253.10 and has touched a high and low of Rs. 274.80 and Rs. 251.15 respectively. So far 9776177 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 310.00 on 15-Jul-2024 and a 52 week low of Rs. 49.99 on 29-Nov-2023.
Last one week high and low of the scrip stood at Rs. 310.00 and Rs. 251.15 respectively. The current market cap of the company is Rs. 72354.63 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 3.12% and 21.88% respectively.
Indian Renewable Energy Development Agency (IREDA) has received approval for equity investment of up to 10% shareholding each in GMR Upper Karnali Hydro Power, Nepal, and Karnali Transmission Company, Nepal (aggregating to Rs 290 crore for both the SPVs), in association with SJVN, for setting up 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, subject to the approval from the government of India, other statutory/regulatory authorities, as applicable. The Board of Directors of the company in its meeting held on July 16, 2024, has accorded In-principle approval for the same.
This strategic investment aligns with the company’s commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector. The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development.
IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: ‘Energy For Ever’.
