Shakti Pumps raises Rs 2.93 billion through QIP

Shakti Pumps has successfully closed the qualified institutions placement (QIP) issue to institutional investors, raising Rs 2.93 billion. The QIP issue had a price of Rs 918.00 per share, which represents a 4.97 per cent discount to the Securities and Exchange Board of India’s floor price of Rs 965.96. The proceeds will be used to establish a greenfield high-efficiency solar DCR cell and solar PV modules manufacturing plant. The plant will be located in the Pithampur region of Madhya Pradesh. The manufacturing plant will be established through Shakti Energy Solutions Limited, which is a subsidiary of Shakti Pumps. Furthermore, it will have a production capacity of 2.20 GW.