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The Print
5 days ago
- Business
- The Print
Shakti Pumps raises Rs 292 cr via QIP
The proceeds will be used to establish a high efficiency solar domestic content requirement (DCR) cell and solar PV modules manufacturing plant in Pithampur, Madhya Pradesh, through subsidiary Shakti Energy Solutions, with a production capacity of 2.20 GW, the company said in a statement. The company issued 31.87 lakh shares to qualified institutional investors at Rs 918 per share, a 4.97 per cent discount to the Sebi floor price of Rs 965.96. New Delhi, Jul 7 (PTI) Solar pumps maker Shakti Pumps (India) Ltd on Monday said it has raised Rs 292.60 crore through Qualified Institutional Placement. The in-house manufacturing of solar DCR cells will enhance backward integration and allow greater control over the entire value chain, thereby benefitting the company. 'This…fundraising underscores the trust our investors have in our business model and growth strategy. We look to leverage these funds to advance our growth initiatives and enhance value for all stakeholders,' Chairman Dinesh Patidar said. Madhya Pradesh-based Shakti Pumps manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors and other products. The company has two manufacturing facilities with a combined capacity of 5,00,000 pumps per year in India. PTI ABI ABI ANU ANU ANU This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Standard
6 days ago
- Business
- Business Standard
Shakti Pumps (India) raises Rs 292.60 cr via QIP issue
Shakti Pumps (India) has successfully closed its Qualified Institutions Placement (QIP) issue to institutional investors, raising Rs 292.60 crore. 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, 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 benefitting the company. The QIP issue was priced at Rs 918.00 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.
