Shakti Pumps raises INR 292 crore to set up 2.2 GW solar cell and module factory

Shakti Pumps (India) Ltd has raised INR 292.60 crore through a qualified institutions placement (QIP). It will utilize the proceeds to establish a greenfield 2.2 GW solar cell and module manufacturing plant in Madhya Pradesh.

July 7, 2025 Uma Gupta

Dinesh Patidar, chairman of Shakti Pumps

Image: Shakti Pumps

Shakti Pumps (India) Ltd has successfully concluded its qualified institutions placement (QIP) issue, raising INR 292.60 crore from institutional investors.

The company will utilize the proceeds to establish a greenfield 2.2 GW high-efficiency solar DCR (domestic content requirement) cell and module manufacturing plant in Pithampur, Madhya Pradesh, through its subsidiary, Shakti Energy Solutions Ltd. The in-house solar cell manufacturing will allow Shakti Pumps greater control over the entire value chain.

The QIP issue received an overwhelming response from existing and new prominent institutional investors.

The QIP issue was priced at INR 918.00 per share, a 4.97% discount to the Sebi floor price of INR 965.96.

“We are thrilled by the enthusiastic response to our QIP issue,” said Dinesh Patidar, chairman, Shakti Pumps (India). “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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