IREDA, a government company listed in the stock market just a few months ago, has now got Navratna status. Indian Renewable Energy Development Agency (IREDA) informed about this on Friday. He said that it has got Navratna status by the Department of Public Enterprises.
Government NBFC does this work
IREDA is a non-banking financial company, which is engaged in the development of new and renewable energy. Comes under the ministry. This company provides financing for setting up projects in the renewable energy sector. IREDA is already creating a lot of buzz in the stock market. In recent months, it has made its investors tremendously rich.
This was the performance after the IPO
IREDA's shares closed at Rs 170.95 on Friday. The IPO of the company was launched in November last year itself. The price band for the IPO was kept at Rs 30 to Rs 32 per share. If we look at it accordingly, IREDA's shares have seen a rise of 434 percent since the IPO. Its shares were listed after the IPO with a premium of almost 90 percent. This year alone, IREDA shares have gained more than 63 percent so far.
Who gets Navratna status?
To get Navratna status, any government company must first Has to be included in the mini gem category. The financial performance of the company has also improved significantly in recent months. In the March quarter, the company's profit had increased by 32 percent and the figure had reached Rs 337 crore. At the same time, the AUM of the company increased by 26.8 percent to Rs 56,698 crore.
Facilities provided to Navratna companies
Navratna status is given to premium government companies by the Government of India. After getting this status, the company gets many facilities in business. Navratna company does not require approval from the Central Authority for investment up to Rs 1 thousand crore. These companies can allocate 30 percent of their net worth every year. They also get the facility to form joint ventures, establish foreign units and partnerships etc.
Disclaimer: The information provided here is being given for information only. It is important to mention here that investing in the market is subject to market risks. As an investor, always consult an expert before investing money. ABPLive.com never advises anyone to invest any money.
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