Indian Renewable Energy Development Agency Ltd. rose to the highest level in nearly three weeks on Thursday as the board is scheduled to consider raising Rs 4,500 crore via multiple financial instruments.
The board will meet on Aug. 29 to consider the proposal to raise funds in one or more tranches via public offer, institutional placement, rights issue, and preferential issues, the company said in an exchange filing on Wednesday.
Shares of Indian Renewable Energy Development Agency rose 8.56% to Rs 259.40, the highest level since Aug. 2. It was trading 8.14% higher at Rs 258.40 as of 9:49 a.m., compared to 0.12% advance in the NSE Nifty 50 index.
The stock rose 330.08% in 12 months, and 151.12% on year to date basis. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 57.19.
Out of two analysts tracking the company, one maintain a 'buy' rating, and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.9%.
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