From pv magazine India
Shakti Pumps has concluded its qualified institutions placement (QIP), raising INR 2.93 billion from institutional investors.
The company said it will use the proceeds to build a greenfield 2.2 GW high-efficiency solar cell and module manufacturing facility in Pithampur, Madhya Pradesh, through its subsidiary, Shakti Energy Solutions. The plant will comply with domestic content requirement (DCR) rules and allow Shakti Pumps to gain greater control over its value chain.
The QIP received strong interest from both existing and new institutional investors.
The issue was priced at INR 918.00 per share, a 4.97% discount to the Securities and Exchange Board of India (SEBI) floor price of INR 965.96.
“We are thrilled by the enthusiastic response to our QIP issue,” said Dinesh Patidar, chairman of Shakti Pumps. “This successful fundraising underscores the trust our investors have in our business model and growth strategy. We are eager to leverage these funds to advance our growth initiatives and enhance value for all stakeholders.”
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