Shakti Pumps has concluded its qualified Institutions (QIP), so that Inr 2.93 billion was collected from institutional investors.
The company said it will use the yield to a Greenfield 2.2 GW very efficient solar cell and module production facility in Pithampur, Madhya Pradesh, will use through his subsidiary, Shakti Energy Solutions. The factory will comply with the rules of the domestic content requirement (DCR) and Shakti pumps to gain more control over the value chain.
The QIP received strong importance from both existing and new institutional investors.
The issue was priced on INR 918.00 per share, a discount of 4.97% for the Securities and Exchange Board of India (Sebi) floor price of INR 965.96.
“We are pleased with the enthusiastic response to our QIP problem,” said Dineh Patidar, chairman of Shakti Pumps. “This successful fundraising underlines the trust that our investors have in our business model and growth strategy. We would like to use these funds to promote our growth initiatives and improve the value for all stakeholders.”
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