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.