Hi-Tech Pipes board approves fund raising upto Rs 600 cr

Hi-Tech Pipes informed that its board has approved fund raising for upto Rs 600 crore, subject to such approvals as may be required, including the approval of the shareholders and other statutory /regulatory /other approvals, as applicable.

The company may issue of equity shares or any other equity linked instruments or securities, including convertible preference shares/ fully or partly convertible debentures or by way of a composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares.

The firm may also issue any other eligible securities through, a private placement or through one or more qualified institutions placements (QIP's) or further public issue or a rights issue or through any other permissible mode under applicable laws and/ or combination thereof.

Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same.

The company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24.

The scrip rose 2.01% to end at Rs 182.95 on Monday, 19 August 2024.

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