Hi-Tech Pipes raises Rs 500 cr via QIP

2 hours ago 1

Steel pipes shaper Hi-Tech Pipes has raised implicit Rs 500 crore done Qualified Institutional Placement (QIP) route.

The QIP opened connected October 7 station marketplace hours, and closed connected October 11, the institution said successful an speech filing.

The QIP was oversubscribed by marquee organization investors and received bids of implicit Rs 800 crore.

"Hi-Tech Pipes announces palmy closure of Rs 5,000 Million Qualified Institutional Placement (QIP), with oversubscription by marquee organization investors," the institution said.

The QIP attracted starring home institutions similar Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, salient planetary institutions besides participated successful the QIP.

The institution issued 26,996,734 caller equity shares astatine Rs 185.50 per equity stock nether the QIP.

Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capableness of astir 8,00,000 metric tonne per annum.

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