Indian Renewable Energy Development Agency Ltd. will raise an additional Rs 5,000 crore through debt instruments as it hiked the borrowing limit for the current financial year.
At a meeting on Monday, the non-banking financial company's board of directors approved the enhancement of borrowing programme by Rs 5,000 crore through taxable bonds. The borrowing limit for the fiscal increased from Rs 24,200 crore to Rs 29,200 crore, according to an exchange filing.
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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 closed 1.21% lower at Rs 138.16 apiece on the National Stock Exchange, compared to a 0.5% advance in the benchmark Nifty. The share price has risen 8.48% in the last 12 months.
One out of the two analysts tracking Ireda has a 'buy' rating on the stock and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 44.8%.
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