IREDA Share Price Soars by 9% to Rs 153.20
Indian Renewable Energy Development Agency Limited (IREDA) has witnessed significant fluctuations in its share price. In the latest trading session on Monday, the company’s shares were trading at Rs 153.20 with a 9% decrease. Three mutual fund companies have reduced their investments in IREDA in the past few days.
Listing and Performance
IREDA’s shares were listed on the stock exchange in November 2023 with an issue price of Rs 32. After being listed, the company touched its all-time high of Rs 214. As of Tuesday, April 16, 2024, IREDA’s shares were trading at Rs 160.50, up by 1.20%.
Investment Trends
According to Nuvaama Alternative and Quantitative Research Firm, three major mutual fund companies ★Kotak Mutual Fund, Nippon India Mutual Fund, ICICI Prudential Mutual Fund ★have reduced their investments in IREDA. As of December 31, 2023, 15 different mutual fund houses held a 2.87% stake in the company.
Ownership Structure
After the IPO listing, the Indian government holds 75% of the company’s shares, while foreign portfolio investors have a 1.88% stake. Retail investors account for 17% of the ownership in the company.
Loan Distribution
IREDA distributed the highest amount of loans in the financial year 2023-24. The company approved loans worth Rs 37,354 crore in the previous financial year and has already disbursed Rs 25,089 crore in direct loans in the current financial year. Experts predict that the company’s shares could reach Rs 210 in the coming days.
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