Shakti Pumps raised Rs 200 crore through QIP.

Shakti Pumps (India) on Friday said it has raised an amount of Rs 200 crore through qualified institutional placement route. The Qualified Institutional Placement (QIP) issue has garnered significant interest from qualified domestic institutional investors and has been fully acquired by two large mutual funds – LIC Mutual Fund and SBI Mutual Fund, the solar pump manufacturer said in a statement.

“Shakti Pumps (India) has announced the closing of a Rs 200 crore QIP. This funding positions our balance sheet well and provides us with the opportunity to improve our market position and continue to deliver strong results going forward. ,” said Dinesh, chairman of the company. Patidar said.

As of December 31, the company had an order book of Rs 2,050 crore to be executed over the next two years, he said.

Patidar said the solar pump industry has huge opportunities ahead as the government’s PM-KUSUM scheme aims to install tens of thousands of solar pumps across the country.

Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), launched in 2019, aims to add 30,800 MW solar capacity by 2022 with total central financial support of Rs 34,422 crore, including service charge to implementing agencies. I did it.

In February, the Center extended the PM-KUSUM scheme until March 2026 as its implementation was significantly affected by the pandemic.