Hi-Tech Pipes raises over Rs 500 crore via QIP, allots 2.7 crore shares

The fund raising committee at its meeting held on October 11 approved the issue and allotment of 2.7 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 185.5 per equity share

Hi-Tech Pipes Ltd. raised over Rs 500 crore through qualified institutional placement (QIP), the company informed the exchanges on October 11.

The fund raising committee at its meeting held on October 11 approved the issue and allotment of 2.7 crore equity shares to eligible qualified institutional buyers at the issue price of Rs 185.5 per equity share. The issue opened on October 7 and closed on October 11.

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).

Bank of India, Bandhan Mutual Fund, India Inflection Opportunity Trust, JM Financial Mutual Fund, LIC MF, SBI General Insurance, Motilal Oswal, BOFA Securities were among those who were issued shares in the QIP, the company said in exchange filing.

Shares of the company settled at Rs 201.25 per share on the NSE, down by 1.85 percent.

The company has a network of more than 450 dealers and distributors with six plants spread across states including Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh and NCR region. Using the QIP proceeds, the company aims to set up one more plant by end of the current year.

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