State-owned 'Navratna' Indian Renewable Energy Development Agency Ltd. on Tuesday approved a borrowing programme of up to Rs 30,800 crore for the financial year 2026, according to an exchange filing.
The borrowing includes various debt instruments such as green taxable bonds, green masala bonds, and more to support the company's growth initiatives. The company had recently hiked its borrowing limit from Rs 24,200 crore to Rs 29,200 crore.
The company also raised Rs 910 crore through privately placed tier II bonds for a tenure of 10 years at an annual coupon of 7.74%, as per another exchange filing.
Ireda focuses on promoting sustainable energy solutions in India. The company provides financial assistance to renewable energy projects, including solar, wind, hydro, and biomass.
The company was established on March 11, 1987, as a public sector undertaking under the Ministry of New and Renewable Energy.
Earlier on March 10, the Reserve Bank of India declined Ireda's request for investment in a mega hydro project in Nepal. The company said it would resubmit its application for the 900-megawatt Upper Karnali hydro electric power project.
Ireda had received in-principle approval from its board in July last year to invest up to 10% equity estimated at around Rs 290 crore in GMR Upper Karnali Hydro Power Ltd., Nepal and Karnali Transmission Co., Nepal, in partnership with SJVN Ltd. The existing shareholders of GMR Upper Karnali Hydro Power include the GMR Group and the Nepal Electricity Authority.
Shares of Ireda slipped marginally by 0.05% on Tuesday to Rs 169.95 apiece, as compared to a 0.04% rise in the benchmark NSE Nifty 50. The company's stock has declined by 21.9% year-to-date, but has gained 21.24% in the last 12 months.
Out of three analysts tracking the company, two maintain a 'buy' rating, and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.7%.
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