Chandhiok & Mahajan Advised On The ₹200 Crores QIP Of Shakti Pumps
Chandhiok & Mahajan Advised On The ₹200 Crores QIP Of Shakti Pumps
Chandhiok & Mahajan has provided legal advice on the Qualified Institutional Placement (QIP) of Shakti Pumps (India) Ltd. aimed at raising up to Rs 200 crores. Shakti Pumps, renowned for its proficiency in manufacturing stainless-steel pumps and energy-efficient motors, effectively secured the targeted funding through the QIP.
The QIP offering garnered notable interest from qualified domestic institutional investors and received full subscription from two prominent Mutual Funds - LIC Mutual Fund and SBI Mutual Fund. A significant portion of the funds raised via the QIP will be strategically allocated to bolster the capacity of pumps/motors, inverters/VFDs, and related infrastructure.
The solar pump industry is set for substantial growth, fuelled by the government's PM-KUSUM scheme. Launched in 2019, this initiative aims to install over 14 lakh solar pumps nationwide and add a solar capacity of 30,800 MW by March 2026.
The C&M team handling this transaction comprised Partner & Head of Capital Markets, Niruphama Ramakrishnan, Senior Associate Tarun Tolani, and Associates Shashwat Bhutani and Pranshi Gaur.
The team’s expertise and dedication were instrumental in ensuring the successful execution of the QIP for Shakti Pumps, enabling the company to capitalize on the growing opportunities in the solar pumps industry and strengthen its market position.
