Shakti Pumps (India) Limited (herein referred to as “SPIL”), India’s leading manufacturer of solar pumps & motors, announced successful closure of a Qualified Institutional Placement (QIP) of
Rs.200 Crores.
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.
Mr. 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.
