IREDA shines on signing MoU with Indian Overseas Bank for Co-Lending
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Indian Renewable Energy Development Agency is currently trading at Rs. 123.35, up by 3.85 points or 3.22% from its previous closing of Rs. 119.50 on the BSE.
The scrip opened at Rs. 118.25 and has touched a high and low of Rs. 125.55 and Rs. 113.95 respectively. So far 7548735 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 127.50 on 16-Jan-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. 127.50 and Rs. 101.20 respectively. The current market cap of the company is Rs. 33180.46 crore.
The promoters holding in the company stood at 100.00%.
Indian Renewable Energy Development Agency (IREDA) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB). The agreement, inked at IREDA's Business Centre in New Delhi, sets the stage for collaborative efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
Encompassing a range of services, the MoU includes provisions for co-lending and co-origination support for all Renewable Energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings.
This collaboration builds upon IREDA's successful partnerships with other prominent financial institutions, including Bank of Baroda, Bank of India, Union Bank of India, India Infrastructure Finance Company Limited and Bank of Maharashtra. These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country.
Indian Renewable Energy Development Agency is a Mini Ratna (Category - I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
