Shakti Pumps raises Rs 200 cr via QIP

New Delhi: Shakti Pumps (India) on Friday said that it has raised an amount of Rs200 crore through qualified institutional placement route. The Qualified Institutional Placement (QIP) issue garnered significant interest from qualified domestic institutional investors and was fully subscribed by two large Mutual Funds - LIC Mutual Fund and SBI Mutual Fund, the solar pumps manufacturer said in a statement.

The company’s Chairman Dinesh Patidar said: “Shakti Pumps (India) announces closure of Rs200 crore QIP. With this fundraise, our balance sheet is placed well and will give us the opportunity to improve our market presence and consistently deliver strong results in the times ahead.” As on December 31, the company had an order book of Rs2,050 crore to be executed in the next two years, he said.

The solar pump industry has huge opportunities ahead as the government’s PM-KUSUM scheme aims to install lakhs of solar pumps across the country, Patidar said. Launched in 2019, Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) aimed at adding solar capacity of 30,800 MW by 2022 with total central financial support of Rs34,422 crore, including service charges to the implementing agencies.