Hi-Tech Pipes raises Rs 500 crore via QIP - Details

Hi-Tech Pipes has informed exchanges that the company's fundraising (committee) has approved the contented and allotment of 2,69,96,734 Equity Shares to eligible qualified organization buyers. The shares person been allotted astatine the contented terms of Rs 185.50 per equity share. The institution has raised Rs 500 crore done this organization stock sale.

"Approved the contented and allotment of 2,69,96,734 Equity Shares to eligible qualified organization buyers astatine the contented terms of ₹ 185.50 per Equity Share i.e. astatine a premium of ₹ 184.50 per Equity Share [which includes a discount of ₹ 9.48 per Equity Share (4.86% of the level price, arsenic determined successful presumption of the SEBI ICDR Regulations) to the floor price], aggregating to ₹ 5,00,78,94,157/- (Rupees Five Hundred Crores Seventy Eight Lakhs Ninety Four Thousand One Hundred and Fifty Seven Only), pursuant to the Issue," the institution said successful an speech filing.

Bandhan Mutual Fund, India Inflection Opportunity Trust, Motilal Oswal are among those who person been issued shares successful the QIP. 

The contented opened connected October 7, 2024 and closed connected October 11, 2024.

Pursuant to the allotment of equity shares successful the issue, the paid-up equity stock superior of the institution stands astatine Rs 20,31,07,734 consisting of 20,31,07,734 Equity Shares of Rs 1 each.

"Pursuant to the allotment of Equity Shares successful the Issue, the paid-up equity stock superior of the Company stands accrued from ₹ 17,61,11,000 consisting of 17,61,11,000 Equity Shares having a Face Value of ₹ 1/- each to ₹20,31,07,734 consisting of 20,31,07,734 Equity Shares of ₹ 1/- each," the filing reads.

Earlier, the institution announced its highest-ever income volumes for the 2nd 4th astatine 123,027 metric tonnes (MT), marking a 22.5 per cent year-on-year (YoY) growth.

For the archetypal fractional of FY25, income volumes reached 245,182 MT, reflecting an outstanding 32.55 per cent year-on-year (YoY) increase.

According to the company, the maturation is chiefly driven by a surge successful request crossed cardinal sectors, including infrastructure, h2o transportation, and star energy.