Shakti Pumps in focus ahead of board meet over raising funds through QIP

Shares of Shakti Pumps (India) will be in focus on January 16 as the board of directors plan to review a proposal to raise funds through qualified institutional placements (QIP).

The board of directors will meet on January 18 to consider raising funds through issuing securities by way of preferential allotment or private placement, including one or more qualified institutional placements (QIP) or further public issue of equity shares.

On January 15, shares of the company settled 0.21 percent lower on the NSE at Rs 1,078 per share.

The board will also “consider and approve the revised terms of reference of the Treasury Committee to enable it to undertake certain acts in relation to the proposed fund raise as permitted under applicable law”, according to a filing by the bourses.

On December 29, Shakti Pumps received a fresh order from the Haryana Renewable Energy Department (HAREDA). “The company has received a second work order under the KUSUM‐3 scheme from Haryana Renewable Energy Department (HAREDA) for 6,408 pumps,” it said.

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The total amount of the work order is for around Rs 258 crore (inclusive of GST). The order is for supply, installation and commissioning of solar water pumping systems, within a 90-day period from the date of issue of work order.

Shares of the firm have surged 81.97 percent over the past six months. In comparison, the domestic index, NIfty 50, has recorded gains of around 11.5 percent during the same time period.

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