The submersible pump manufacturer announced that its board approved the qualified institutional placement (QIP) of upto Rs 200 crore at a floor price of Rs 1,272.09 per share.
The company's board authorized and declared the opening of the issue on Tuesday, 19 March 2024.
The floor price of Rs 1,272.09 is at a discount of 7.18% to the previous day's closing price of Rs 1,370.50 on the BSE.
The company may offer a discount of not more than 5% on the floor price so calculated for the issue.
The firm has also informed that a meeting of the treasury committee is scheduled to be held on Friday, 22 March 2024 to consider the issue price of the equity shares.
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Shakti Pumps (India) is a manufacturer of stainless-steel pumps & energy efficient motors. The company holds dominating position in domestic solar pumps industry with more than 35% market share in KUSUM scheme.
The company reported consolidated net profit of Rs 45.2 crore in Q3 FY24 which is steeply higher than Rs 11.2 crore posted in Q3 FY23. Revenue from operation jumped 57% YoY to Rs 495.62 crore recorded in the third quarter of FY24.
The scrip fell 4.41% to trade at Rs 1,310 on the BSE.
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