Last Updated: March 29, 2024, 16:26 IST
As on December 31, Shakti Pumps had an order e-book of Rs 2,050 crore to be executed within the subsequent two years.
With this fundraise, Shakti Pumps says its stability sheet is positioned properly and can give us the chance to enhance our market presence and constantly ship robust ends in the instances forward
Shakti Pumps (India) on Friday mentioned that it has raised an quantity of Rs 200 crore by way of certified institutional placement route. The Qualified Institutional Placement (QIP) situation garnered important 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 an announcement.
“Shakti Pumps (India) announces closure of Rs 200 crore QIP. With this fundraise, our balance sheet is placed well and will give us the opportunity to improve our market presence and consistently deliver strong results in the times ahead,” the corporate’s Chairman Dinesh Patidar mentioned. As on December 31, the corporate had an order e-book of Rs 2,050 crore to be executed within the subsequent two years, he mentioned. The photo voltaic pump trade has enormous 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 complete central monetary assist of Rs 34,422 crore, together with service expenses 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.
