Shakti Pumps (India) Limited has approved an equity investment of Rs 120 million in its wholly owned subsidiary, Shakti Energy Solutions Limited. This funding has been made in exchange for equity shares.
The investment is aimed at supporting the company’s expansion into solar cell and module manufacturing that complies with domestic content requirements. Shakti Energy Solutions had already been engaged in producing solar module mounting structures prior to this investment.
Earlier this month, Shakti Pumps raised Rs 2.926 billion through a qualified institutions placement at Rs 918.00 per share, marking a 4.97 per cent discount to the Securities and Exchange Board of India’s floor price of Rs 965.96.
