IREDA Share Price Today: Stock rise 3% - Here's Why

Indian Renewable Energy Dev Agency (IREDA) saw its share price today rise by 3% by hitting an intra-day high of 166.75 and the stock closed at Rs 160.60, down by 0.80 percent. 

The stock went up after the State-owned firm secured a 26 billion Japanese Yen External Commercial Borrowing (ECB) facility from SBI's Tokyo Branch, including a green shoe option of 10 billion Japanese Yen. The five-year unsecured facility is set to strengthen IREDA's global market presence.

The company's Chairman & Managing Director Pradip Kumar Das said the facility will enable the company to diversify its resource base and optimize costs, enhancing our lending operations to support India's renewable energy sector.

"The landed cost (after hedging) is expected to be below 7 per cent, making it more cost-effective than similar-tenure loans in the domestic market," the company said its filing. 

The transaction reflects the strong confidence of global investors in IREDA's financial stability and growth potential. (With Inputs from PTI)