IREDA’s Big RBI Nod: A Game Changer?
Boosting Green Finance
The Indian Renewable Energy Development Agency Limited (IREDA) has received approval from the Reserve Bank of India (RBI) to set up a fully owned subsidiary in the International Financial Services Centre (IFSC) located in Gujarat’s GIFT City.
This move marks a significant milestone in their mission to advance innovative solutions for green financing. IREDA has informed the stock exchanges about this development, highlighting that this presence in GIFT City will not only pave the way for IREDA to gain global recognition but will also serve as an offshore platform to facilitate competitive funding for the growth of the renewable energy sector.
IREDA Share Performance
On February 9th, IREDA’s shares opened on the BSE with a 5% decrease from the previous close, hitting a lower circuit at ₹179.55.
The 52-week low for the share is ₹49.99, and the company’s market capitalization stands at ₹48,258.82 crores. Since its listing on the stock exchanges on November 29, 2023, the share has seen an unprecedented increase of 215%.
This new subsidiary’s launch is expected to provide IREDA with a strong identity on the international stage and open a new chapter in exploring financial solutions for clean energy in India.
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