The board of directors of Hi-Tech Pipes on Monday approved the launch of its Qualified institutional placement (QIP) after setting the floor price for the issue at Rs 194.98 per equity share.
The fund raising committee at its meeting held on October 7 finalised and adopted the preliminary placement document in the meeting.
"The company may at its discretion offer a discount of not more than 5% on the floor price for the Issue," the company said in an exchange filing.
The issue price will be determined by the company in consultation with the Book Running Lead Manager appointed in relation to the issue, it added.
Hi-tech Pipes, which is the third-largest pipe maker of the country with a capacity of nearly a million tonnes, plans to raise as much as Rs 600 crore through a qualified institutional placement (QIP), Moneycontrol reported earlier.
The Delhi-based company, which has marquee clients including BHEL, SAIL, NTPC, Adani Group, Jio, Shapoorji Pallonji, ArcelorMittal Nippon Steel India and Delhi Metro among others, plans to use the funds for doubling its capacity to nearly 2 million metric tonnes per annum (MTPA).
In today's trade, the Hi-Tech Pipes shares settled at Rs 200 per share on the NSE, up 5.40 percent even as broader markets traded under selling pressure.
The company has a market capitalisation of Rs 3,486.12 crore on the BSE. Part of the BSE SmallCap index, the shares of the company have surged more than 200 percent in the last two years. In 2024 so far, the shares moved higher by 70.79 percent, according to the data available on the BSE.
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