IREDA to set up subsidiary in Gift City, RBI Approval and Stock hit Lower Circuit

IREDA Expands into GIFT City: IREDA’s venture into GIFT City signifies a significant stride in its pursuit of pioneering green financing solutions. On February 9, IREDA’s shares commenced trading on the BSE with a 5 percent decline from the previous closing price, triggering the lower circuit at Rs 179.55. Notably, the stock has surged by 215 percent since its listing.

IREDA Expansion at GIFT City

IREDA has secured the Reserve Bank of India’s (RBI) nod to establish a wholly owned subsidiary within the International Financial Services Center (IFSC) situated at GIFT City, Gujarat. This development underscores IREDA’s commitment to fostering innovative approaches to green financing. The company has promptly informed the stock exchanges about this milestone.

IREDA envisions its subsidiary not only as a gateway to global exposure but also as an offshore platform to access competitive funding, thereby catalyzing the growth of the renewable energy sector.

Pradeep Kumar Das, Chairman and Managing Director of IREDA, remarked, “IREDA’s foray into IFSC is poised to unlock novel business prospects and cement its global footprint in renewable energy. This strategic endeavor aligns with our vision of promoting sustainable development.”

Share Movement and Outlook

On February 9, IREDA shares commenced trading on the BSE, registering a 5 percent decline from the previous closing price and hitting the lower circuit at Rs 179.55. Notably, the stock’s 52-week low stands at Rs 49.99, with a market capitalization of Rs 48,258.82 crore. IREDA made its debut on the stock exchanges on November 29, 2023, and has since witnessed an impressive surge of 215 percent.

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