Shakti Pumps (India) has successfully concluded its Qualified Institutions Placement (QIP), raising Rs 2.92 billion from prominent institutional investors. The issue received strong interest from both existing and new investors, reflecting their confidence in the company’s long-term growth trajectory.

The funds raised will be deployed to establish a greenfield high-efficiency solar DCR cell and solar PV module manufacturing facility in Pithampur, Madhya Pradesh. The project, to be undertaken through its subsidiary Shakti Energy Solutions, will have a production capacity of 2.20 GW. This move will strengthen the company's backward integration and enhance value chain control.

The QIP was priced at Rs 918 per share, representing a 4.97 per cent discount to the SEBI floor price of Rs 965.96. The capital infusion will bolster the company’s financial position and support its strategic growth initiatives in the renewable energy segment.

Commenting on the development, Dinesh Patidar, Chairman of Shakti Pumps, expressed gratitude to investors and reiterated the company’s commitment to driving innovation and value creation in the clean energy space.