Shakti Pumps up 4%, hits record as board to consider fundraising on Jan 7

The rise in the Shakti Pumps share price came after the company announced that its board of directors will meet on January 7, 2025, to consider and approve fundraising via QIP

Shakti Pumps share price: Shares of Shakti Pumps were buzzing in trade on Monday, December 30, 2024, as the scrip gained up to 4.27 per cent to hit a fresh record high (all-time high) of Rs 1,145.70 per share. 

 

The rise in the Shakti Pumps share price came after the company announced that its board of directors will meet on January 7, 2025, to consider and approve fundraising via Qualified Institutional Placement (QIP). 

 

In an exchange filing, Shakti Pumps said, “This is to inform you that a meeting of the Board of Directors of the Company will be held on Tuesday, January 07, 2025 to consider and approve the raising of funds through issuance of eligible securities of the Company by way of, inter alia, a preferential allotment or a private placement (including one or more Qualified Institutions Placements (QIP) or further public issue of equity shares or through any other permissible mode or any combination thereof, in accordance with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (each as amended).”

 

A QIP is a way by which companies raise capital by selling shares or securities to large investors.

 

About Shakti Pumps

 

Shakti Pumps is a leading manufacturer of innovative water pumping solutions, offering a wide range of products such as submersible pumps, solar pumps, pressure booster pumps, and wastewater pumps. 

 

In addition to pumps, the company also provides controllers, mechanical seals, and other essential components. Known for their quality and durability, Shakti Pumps’ products cater to diverse applications, including irrigation, horticulture, domestic water supply, and commercial and industrial needs.

 

Founded by the Patidar family in 1982 in Rau (Indore), Shakti Pumps has grown into a global player with exports to over 120 countries. 

 

The company’s state-of-the-art manufacturing facility in Pithampur, Madhya Pradesh, has an annual capacity of 500,000 pumps and adheres to stringent national and international standards. 

 

With a strong focus on research and development, Shakti Pumps reinvests 3-4 per cent of its net profit into innovation, ensuring its products remain cutting-edge and reliable.

 

The market capitalisation of Shakti Pumps is Rs 13,710.02 crore, according to BSE. The 52-week low of Shakti Pumps share is Rs 165.33 apiece.

 

At 10:00 AM, Shakti Pumps share was trading 3.80 per cent higher at Rs 1,140.50 per share. In comparison, BSE Sensex was trading 0.25 per cent lower at 78,504.49 levels.