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Shakti Pumps Raises Rs292.6 Cr via QIP to Set Up 2.2 GW Solar Cell & Module Plant in MP

Shakti Pumps (India) Ltd has successfully raised Rs292.60 crore through a qualified institutions placement (QIP) to fund the development of a 2.2 GW high-efficiency solar DCR (domestic content requirement) cell and module manufacturing facility in Pithampur, Madhya Pradesh. The funds will be channeled through its subsidiary, Shakti Energy Solutions Ltd, enabling greater in-house control over the solar value chain.

The QIP issue, priced at Rs918 per share—representing a 4.97% discount to SEBI’s floor price—was met with strong demand from both existing and new institutional investors. Chairman Dinesh Patidar expressed enthusiasm over the investor trust, noting the move aligns with the company’s growth strategy and stakeholder value creation.

The greenfield plant will significantly expand Shakti Pumps' presence in India's solar manufacturing sector and contribute to the country’s domestic manufacturing goals under the DCR mandate. The initiative also supports the government’s broader objective of reducing import dependence and strengthening the renewable energy supply chain.