India Business News: CHENNAI: Indian Overseas Bank (IOB) reported a net profit of Rs 723 crore in the quarter ended December 31, 2023, an increase by 30.
IREDA shares rose 5% after partnership with IOB to co-finance renewable energy projects. As per Trendlyne data, the average target price of the stock is Rs 80, which shows a downside of 35% from the current market prices. The consensus recommendation from one analyst for the stock is a Strong Sell .
IREDA partners with IOB in a co-finance agreement to support renewable energy projects in India. The partnership involves the signing of a memorandum of understanding (MoU) and aims to streamline loan syndication and underwriting processes. This collaboration expands upon IREDA s successful partnerships with other financial institutions.
"Preference will be given to bids or offers with a higher cash portion.management fee would be 1.5% per annum of net assets value. for first three years, 1.25% for the fourth, fifth and 0.75% for the sixth year onwards," the bank said inviting bids from asset reconstruction companies, banks and alternative investment funds.