By: ICN Bureau
Last updated : July 07, 2025 7:51 pm
The proceeds from the QIP will be utilized for establishing a greenfield high efficiency solar DCR cell and solar PV modules manufacturing plant
Shakti Pumps (India) Ltd. has successfully closed its Qualified Institutions Placement (QIP) issue to institutional investors, raising Rs. 292.60 crores.
The QIP issue received an overwhelming response from existing and new prominent institutional investors, demonstrating their confidence in the company's future growth prospects and the overall performance. The proceeds from the QIP will be utilized for establishing 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 in-house manufacturing of solar DCR cells will enhance backward integration and allow greater control over the entire value chain, thereby benefiting the company.
The QIP issue was priced at Rs. 918 per share, a 4.97% discount to the Sebi floor price of Rs. 965.96, and the proceeds will further strengthen the company's financial position, enabling it to pursue its strategic objectives.
Dinesh Patidar, Chairman, Shakti Pumps (India) Limited said, “We are thrilled by the enthusiastic response to our QIP issue. This successful fundraising underscores the trust our investors have in our business model and growth strategy. We are eager to leverage these funds to advance our growth initiatives and enhance value for all stakeholders. Shakti Pumps extends its heartfelt gratitude to its investors for their ongoing support and anticipates a promising future for the company.”