New Delhi, Jul 7 (PTI) Solar pumps maker Shakti Pumps (India) Ltd on Monday said it has raised Rs 292.60 crore through Qualified Institutional Placement.

The company issued 31.87 lakh shares to qualified institutional investors at Rs 918 per share, a 4.97 per cent discount to the Sebi floor price of Rs 965.96.

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The proceeds will be used to establish a high efficiency solar domestic content requirement (DCR) cell and solar PV modules manufacturing plant in Pithampur, Madhya Pradesh, through subsidiary Shakti Energy Solutions, with a production capacity of 2.20 GW, the company said in a statement.

The in-house manufacturing of solar DCR cells will enhance backward integration and allow greater control over the entire value chain, thereby benefitting the company.

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"This...fundraising underscores the trust our investors have in our business model and growth strategy. We look to leverage these funds to advance our growth initiatives and enhance value for all stakeholders," Chairman Dinesh Patidar said.

Madhya Pradesh-based Shakti Pumps manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump motors and other products.

The company has two manufacturing facilities with a combined capacity of 5,00,000 pumps per year in India.

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