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Business Standard
3 days ago
- Business
- Business Standard
Ireda share price slips 2% after company launches ₹5,000 crore QIP
Indian Renewable Energy Development Agency (Ireda) share price slipped 2.3 per cent in trade on Friday, June 6, 2025, logging a day's low at ₹172.4 per share on BSE. The selling pressure on the counter came a day after the company's qualified institutional placement (QIP) was launched. At 9:46 AM, Ireda shares were trading 1.44 per cent lower at ₹173.95 per share on the BSE. In comparison, the BSE Sensex was down 0.28 per cent at 81,210.85. The market capitalisation of the company stood at ₹46,713.35 crore. The 52-week high of the stock was at ₹310 per share and the 52-week low of the stock was at ₹137 per share. In the past one year, Ireda shares have lost 1 per cent as compared to Sensex's rise of around 8 per cent. Ireda QIP launch On Thursday, after market hours, the company launched its ₹5,000 crore QIP. The floor price for the same was fixed at ₹173.83 per share which translated to a 1.5 per cent discount from the previous close of ₹176.5 per share. "We further wish to inform you that the 'Relevant Date' for the purpose of the QIP, in terms of Regulation 171(b)(i) of the SEBI ICDR Regulations, is June 5, 2025; and accordingly, the Floor Price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 176(1) of the Sebi ICDR Regulations, is ₹173.83 per Equity Share. Pursuant to Regulation 176(1) of the SEBI ICDR Regulations and special resolution of the Shareholders dated February 24, 2025, the company may offer a discount of not more than 5 per cent (five percent) on the Floor Price so calculated for the QIP," the filing read. In a board meeting on January 23, 2025, the fundraising up to ₹5,000 crore through QIP was approved. "The raising of funds by issue of equity shares through a qualified institutions placement (QIP), in one or more tranches, under applicable laws, for an amount aggregating up to ₹5,000 Crore (Rupees Five Thousand Crore only) or an equivalent amount thereof (inclusive of such premium as may be fixed on such equity shares), provided the shareholding of the President of India," the filing read. About Ireda Ireda is a 'Navratna' Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). The company is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
Business Upturn
4 days ago
- Business
- Business Upturn
IREDA board approves QIP launch at floor price of ₹173.83 per share
By Aditya Bhagchandani Published on June 5, 2025, 20:32 IST Indian Renewable Energy Development Agency Limited (IREDA) has officially launched its Qualified Institutional Placement (QIP) offering on June 5, 2025, following approval from its Board of Directors during a meeting held today. The company aims to raise capital by issuing equity shares of ₹10 face value each to qualified institutional buyers under Chapter VI of the SEBI ICDR Regulations and Sections 42 and 62 of the Companies Act, 2013. The Board has approved a floor price of ₹173.83 per equity share for the QIP, determined in accordance with the pricing formula under Regulation 176(1) of SEBI ICDR Regulations. As per shareholder approval on February 24, 2025, IREDA also has the option to offer a discount of up to 5% on the floor price. The preliminary placement document and draft application form were approved in the same meeting. The relevant date for the issue is also June 5, 2025. The final issue price will be set in consultation with the book running lead managers appointed for the QIP. The trading window will remain closed until further notice in relation to the QIP proceedings. A copy of the preliminary placement document is available on the company's website at Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
News18
26-05-2025
- Business
- News18
New IPO 2025: Online Broker Groww Files Confidential IPO Papers With SEBI
Last Updated: Groww IPO: Groww plans to list its equity shares (face value Rs 2 each) on NSE and BSE's main boards. Groww IPO: The online brokerage firm Groww is reportedly filed confidential IPO papers with the market regulator SEBI on Monday. The company seeks comments from SEBI on IPO without disclosing its IPO documents to the public. The process is now at pre-filing mechanism before submitting DRHP (Draft Red Herring Prospectus) later. Groww's parent entity Billonbrains Garage Ventures Limited said in a public notice on Monday that the DRHP was submitted under Chapter IA of the SEBI ICDR Regulations. Earlier, MoneyControl reported that Groww is simultaneously looking to raise about $150 million (Rs 1272 crore). The valuation of Groww will likely increase to $7 billion post-money valuation. MoneyControl reported that the issue size could be in the range of $700-800 million (Rs 5942-6791 crore), given IPO valuation of $7-8 billion amid the market sentiment and volatility. Groww plans to list its equity shares (face value Rs 2 each) on NSE and BSE's main boards. Its consolidated operational profit increased by 17 percent to Rs 535 crore for the year ending March 2024, compared to Rs 458 crore reported the previous year. The consolidated revenue for FY23 was Rs 1,435 crore. Founded in 2017, Groww was started as a direct mutual fund distributor platform by four ex-Flipkart employees – Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh. Following user demand, Groww added stocks in the early half of 2020 and the same year launched digital gold, ETFs, Intraday trading, IPOs in quick succession. Today, Groww is the largest stock broker based on active clients. As of March 2025, its total subscriber base is at 13.03 million (1.3 crore). Its competitor Angel One brought its IPO in September 2020, at the price band of Rs 305 to Rs 306 per share. The company raised Rs 600 crore via IPO. Angel One IPO bidding started from September 22, 2020 and ended on September 24, 2020. The allotment for Angel One IPO was finalized on Tuesday, September 29, 2020. The shares got listed on BSE, NSE on October 5, 2020. While Zerodha isn't a listed entity. First Published: May 26, 2025, 11:39 IST
