Shakti Pumps (India) Limited Successfully Raises INR 200 Crores through QIP
Shakti Pumps (India) Limited announced successful closure of a Qualified Institutional Placement (QIP) of INR 200 Crores.
March 30, 2024. By News Bureau
The 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, endorsing the growth potential of the Solar Pumps industry and Shakti Pumps’ leadership position in the industry.
Keeping in view the immense potential for growth in the Solar Pumps industry, a major portion of the funds raised through QIP will be strategically deployed towards increasing the capacity of pumps/motors, inverters/VFDs, and structures.
The solar pump industry through the PM KUSUM Scheme, led by the Government, has huge opportunities ahead as it is estimated that there are over 14 lakh solar pumps under Component B (Off Grid Pumps) and 35 lakh solar pumps under Component C (On Grid Pumps) to be installed.
Dinesh Patidar, Chairman, Shakti Pumps (India) Limited commented, “We are delighted with the successful closure of this institutional placement and the confidence these marquee investors have placed on us, which further strengthens our commitment to reaching new horizons.
Being industry leader, SPIL has been receiving new orders consistently, which have positively added to our order book of INR 2050 Crores, as on 31st December 2023, to be executed in the next two years. Our order book also includes repeat orders from some states which reaffirms our product quality, and the trust farmers have on our products.
Anticipating a further surge in orders, we are preparing ourselves to capture the growth opportunities that lie ahead. With this fund raise, our balance sheet is placed well and will give us the opportunity to improve our market presence and consistently delivering strong results in the times ahead.”
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