Shakti Pumps raises Rs 2.93 billion through QIP

Shakti Pumps has completed its qualified institutions placement (QIP) issue, raising Rs 2.926 billion from institutional investors. The shares were issued at Rs 918.00 each, reflecting a 4.97 per cent discount to the Securities and Exchange Board of India’s floor price of Rs 965.96.

The funds will be used to set up a greenfield manufacturing plant for high-efficiency solar DCR (domestic content requirement) cells and solar photovoltaic (PV) modules. The facility will be located in the Pithampur region of Madhya Pradesh and will be developed by Shakti Energy Solutions Limited, a subsidiary of Shakti Pumps. The planned production capacity is 2.20 GW.

The QIP follows multiple project wins under the PM-KUSUM scheme in Maharashtra. In June 2025, Shakti Pumps secured a letter of award from MEDA to supply and install 4,500 off-grid solar PV water pumping systems. Earlier, it won contracts for 445 systems in April and 877 systems in March, also under Component B of the scheme.