iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Shakti Pumps Seeks ₹200 Crore via QIP, Shares Dips on Floor Price Announcement

20 Mar 2024 , 11:40 AM

Shakti Pumps shares decline by over 3% following the launch of a Qualified Institutional Placement (QIP) to raise up to ₹200 Crore.

The floor price for the QIP issue is set at ₹1,272.09 per share, offering a 5% discount from the previous day’s closing price. At the time of writing, the stock is trading 4.35% lower at ₹1,314.50 on the National Stock Exchange (NSE).

QIP is a fundraising method used by listed companies to raise capital from qualified institutional buyers (QIBs) like mutual funds, insurance companies, banks, and foreign institutional investors (FIIs).

Shakti Pumps’ shares closed 1.59% higher at ₹1,365.00 in the previous session, delivering significant returns of over 230% in the last year compared to Nifty’s 28%.

The company recently secured a ₹93-Crore work order from the Maharashtra Energy Department Agency (MEDA) for 3,500 solar photovoltaic water pumping systems (SPWPS) under the PM-KUSUM scheme’s Component‐B.

The order encompasses design, manufacture, supply, transport, installation, testing, and commissioning, with completion expected within 120 days from the date of the work order issuance.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • QIP
  • Qualified Institutional Placement
  • Shakti Pumps
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.