Shakti Pumps raises INR 292.60 crore via QIP

Shakti Pumps (India) Limited announced the successful closure of its Qualified Institutions Placement (QIP) issue, raising INR 292.60 Crore. The QIP saw strong demand from both existing and new institutional investors, reflecting confidence in the company's future prospects. The proceeds will be used to establish a greenfield high-efficiency solar DCR cell and solar PV modules manufacturing plant in Pithampur, Madhya Pradesh, through its subsidiary, Shakti Energy Solutions Limited, with a production capacity of 2.20 GW. The QIP issue was priced at INR 918.00 per share, reflecting a discount of 4.97% to the floor price. The company believes this fundraising will strengthen its financial position and support its strategic objectives. Chairman Dinesh Patidar expressed gratitude to investors and anticipated a promising future for the company.