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Shakti Pumps Share Price Hits 52-Week High; Board to Consider Fundraising

Updated on: Dec 30, 2024, 4:21 PM IST
Shakti Pumps' share price surged to a 52-week high, driven by news that the board will meet on January 7, 2025, to discuss fundraising via QIP.
Shakti Pumps Share Price Hits 52-Week High; Board to Consider Fundraising
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On December 30, 2024, Shakti Pumps’ share price opened at ₹1,072.50, down from the previous close of ₹1,098.70. During early trade on the BSE, the stock hit a 52-week high of ₹1,153.60 but was trading 1.7% lower at ₹1,080 by noon. The stock has been gaining for the past three sessions, surging approximately 13.5% during this period.

Board Meeting Schedule Details

The stock’s rise came after the company revealed that its Board of Directors would meet on January 7, 2025, to approve the raising of funds through a Qualified Institutional Placement (QIP).

The company’s announcement, made via an exchange filing, included that the fundraising could also involve other methods, such as preferential allotment or private placement, in line with applicable regulations.

Recent Business Developments

Shakti Pumps (India) announced an investment of ₹4 crore in its wholly-owned subsidiary, Shakti Energy Solutions Private Limited, by subscribing to 40 million equity shares with a face value of ₹1 each.

Additionally, the company informed the stock exchanges on December 12 that it had received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited for the supply of 25,000 pumps.

About Shakti Pumps

Shakti Pumps (India) Limited, founded in 1982, is a leading manufacturer of energy-efficient pumps and motors. The company specialises in renewable energy solutions, particularly for the agriculture sector, offering a wide range of products such as solar and electric pumps. With a strong focus on research and development, Shakti Pumps exports its products to over 120 countries. The company holds a dominant position in India’s solar pump industry and continues to innovate, including forays into the electric vehicle segment.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Dec 30, 2024, 12:25 PM IST

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