India-based Shakti Pumps has succesfully raised INR 292.60 crore (~ USD 35.11 million) through a Qualified Institutions Placement (QIP) issue to institutional investors. The company stated that these funds will be utilised to build a solar DCR cell(Domestic Content Requirement) and PV module manufacturing plant in Pithampur, Madhya Pradesh. The planned facility will have a total production capacity of 2.20 GW. Shakti Pumps (India) mentioned that the in-house production of solar DCR cells is expected to improve backward integration and provide better control over the value chain. The QIP issue was priced at INR 918.00V (~ USD 11.01) per share, reflecting a 4.97 % discount to the Sebi floor price of INR 965.96(~ USD 11.59). The company also stated that the funds will support its financial requirements and help implement its strategic manufacturing plans.