Hi-Tech Pipes raises Rs 500 crore via QIP - Details
Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands at Rs 20,31,07,734 consisting of 20,31,07,734 Equity Shares of Rs 1 each.
Hi-Tech Pipes has informed exchanges that the company's fundraising (committee) has approved the issue and allotment of 2,69,96,734 Equity Shares to eligible qualified institutional buyers. The shares have been allotted at the issue price of Rs 185.50 per equity share. The company has raised Rs 500 crore through this institutional share sale.
"Approved the issue and allotment of 2,69,96,734 Equity Shares to eligible qualified institutional buyers at the issue price of ₹ 185.50 per Equity Share i.e. at a premium of ₹ 184.50 per Equity Share [which includes a discount of ₹ 9.48 per Equity Share (4.86% of the floor price, as determined in terms 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 company said in an exchange filing.
Bandhan Mutual Fund, India Inflection Opportunity Trust, Motilal Oswal are among those who have been issued shares in the QIP.
The issue opened on October 7, 2024 and closed on October 11, 2024.
Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands at Rs 20,31,07,734 consisting of 20,31,07,734 Equity Shares of Rs 1 each.
"Pursuant to the allotment of Equity Shares in the Issue, the paid-up equity share capital of the Company stands increased 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 company announced its highest-ever sales volumes for the second quarter at 123,027 metric tonnes (MT), marking a 22.5 per cent year-on-year (YoY) growth.
For the first half of FY25, sales volumes reached 245,182 MT, reflecting an outstanding 32.55 per cent year-on-year (YoY) increase.
According to the company, the growth is primarily driven by a surge in demand across key sectors, including infrastructure, water transportation, and solar energy.
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