IREDA share price jumps over 2% after allotment of 50% equity to LIC in ₹2000 crore fundraise
Shares of the Indian Renewable Energy Development Agency (IREDA) surged over 2% on Wednesday, following the announcement of the closure of its Qualified Institutional Placement (QIP) earlier that day. The firm successfully raised ₹ 2,000 crore through this process by issuing equity to qualified institutions.
IREDA's board sanctioned the issuance of 12.14 crore equity shares of the company as part of this initiative. The issue price for the QIP was set at ₹ 155.14 per share, which reflects a 5% discount to the established floor price of the issue.
Life Insurance Corporation of India (LIC), which is the largest insurance provider in India, has been allocated 50% of the total shares authorised for the QIP. Additionally, Societe Generale, Morgan Stanley, and Vikasa India EIF I Fund have each received more than 5% of the total shares available through the QIP.
After the issuance of the QIP shares, the company's total paid-up equity share capital rose from ₹ 2,687 crore, comprising 268.77 crore shares, to ₹ 2,809 crore, which includes 280.92 crore shares.
According to the shareholding pattern for the March quarter, LIC did not hold any stake in IREDA, or if it did, it would have been less than 1%, as its name is absent from the list of shareholders.
IREDA share price today opened at ₹ 182.45 apiece on the BSE. The stock touched an intraday high of ₹ 183.50 apiece and an intraday low of ₹ 181.25 per share.
Anshul Jain, Head of Research at Lakshmishree Investments, said that the IREDA share price is breaking out of a 6-week tight consolidation zone at ₹ 181.
'A sustained move above this level is expected to propel the stock towards the major weekly resistance of ₹ 205. While the breakout isn't backed by strong institutional volume, the price action is decisive and suggests bullish intent. Traders can consider fresh longs on a close above ₹ 181, with ₹ 205 as the immediate target. Pullbacks may offer a second entry opportunity,' Jain opined.
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