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HomeLatest NewsBusinessShakti Pumps Raises Rs 200 Crore Through QIP - Prime Time News24

Shakti Pumps Raises Rs 200 Crore Through QIP – Prime Time News24


Final Up to date: March 29, 2024, 16:26 IST

As on December 31, Shakti Pumps had an order ebook of Rs 2,050 crore to be executed within the subsequent two years.

With this fundraise, Shakti Pumps says its steadiness sheet is positioned properly and can give us the chance to enhance our market presence and persistently ship robust leads to the instances forward

Shakti Pumps (India) on Friday mentioned that it has raised an quantity of Rs 200 crore via certified institutional placement route. The Certified Institutional Placement (QIP) difficulty garnered vital curiosity from certified home institutional traders and was totally subscribed by two massive Mutual Funds – LIC Mutual Fund and SBI Mutual Fund, the photo voltaic pumps producer mentioned in a press release.

“Shakti Pumps (India) declares closure of Rs 200 crore QIP. With this fundraise, our steadiness sheet is positioned properly and can give us the chance to enhance our market presence and persistently ship robust leads to the instances forward,” the corporate’s Chairman Dinesh Patidar mentioned. As on December 31, the corporate had an order ebook of Rs 2,050 crore to be executed within the subsequent two years, he mentioned. The photo voltaic pump trade has big alternatives forward as the federal government’s PM-KUSUM scheme goals to put in lakhs of photo voltaic pumps throughout the nation, Patidar mentioned.

Launched in 2019, Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) aimed toward including photo voltaic capability of 30,800 MW by 2022 with whole central monetary assist of Rs 34,422 crore, together with service prices to the implementing companies. In February, the Centre prolonged PM-KUSUM scheme until March 2026 as its implementation was considerably affected because of the pandemic.

(This story has not been edited by Prime Time News24 employees and is revealed from a syndicated information company feed – PTI)

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