Corporate News     11-Oct-24
Hi-Tech Pipes successfully concludes QIP issue of Rs 500 cr

Hi-Tech Pipes announced the successful closure of Rs 500 crore Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors. The QIP, which opened on 07 October 2024 (post market hours) and closed on 11 October  2024, received bids of over Rs 800 crore. The overwhelming response from marquee qualified institutional investors, demonstrates strong confidence on the Company's growth prospects.

The QIP attracted a diverse pool of top-tier institutional investors including mutual funds, and renowned foreign institutions and treasuries, reaffirming the market's belief in Hi-Tech's ability to navigate industry challenges and capitalise on the growing demand in the ERW (Electric Resistance Welding) steel tubes and pipes segment.

The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mututal Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, prominent global institutions also participated in the QIP.

The Company issued 26,996,734 fresh equity shares @ ₹ 185.50 per equity share under QIP, representing a discount of 4.86% to the floor price and 7.39% discount to the last traded price on NSE on October 7, 2024.

Previous News
  Hi-Tech Pipes consolidated net profit rises 79.02% in the June 2023 quarter
 ( Results - Announcements 11-Aug-23   17:06 )
  Board of Hi-Tech Pipes appoints director
 ( Corporate News - 12-Jan-24   15:05 )
  Board of Hi-Tech Pipes approves acquisition of Hi-tech Global Steels
 ( Corporate News - 06-Nov-24   18:44 )
  Hi-Tech Pipes consolidated net profit rises 10.06% in the December 2023 quarter
 ( Results - Announcements 12-Jan-24   15:48 )
  Hi-Tech Pipes schedules board meeting
 ( Corporate News - 25-Oct-24   16:52 )
  Hi-Tech Pipes standalone net profit rises 34.17% in the March 2019 quarter
 ( Results - Announcements 01-Jun-19   10:43 )
  Hi-Tech Pipes standalone net profit rises 88.00% in the June 2023 quarter
 ( Results - Announcements 11-Aug-23   17:03 )
  Board of Hi-Tech Pipes recommends final dividend
 ( Corporate News - 30-Jun-20   16:47 )
  Hi-Tech Pipes to conduct board meeting
 ( Corporate News - 22-May-23   11:52 )
  Hi-Tech Pipes to declare Quarterly Result
 ( Corporate News - 14-Jan-22   11:48 )
  Hi-Tech Pipes consolidated net profit rises 72.09% in the March 2022 quarter
 ( Results - Announcements 14-May-22   13:54 )
Other Stories
  CAMS and KFin Technologies form JV for MF Central
  11-Nov-24   19:02
  L&T Technology Services signs definitive agreements to acquire Intelliswift
  11-Nov-24   19:00
  Balmer Lawrie announces its foray into rail logistics
  11-Nov-24   18:55
  ICRA announces cessation of directors
  11-Nov-24   18:52
  Board of Goodyear India approves change in chairperson
  11-Nov-24   18:50
  Harsha Engineers International appoints director
  11-Nov-24   18:49
  Britannia Industries approves appointment of Jehangir Nusli Wadia on Board
  11-Nov-24   18:46
  Board of EPL approves change in directorate
  11-Nov-24   18:44
  Shree Digvijay Cement Co. allots 4.07 lakh equity shares under ESOP
  11-Nov-24   18:42
  Shriram Finance allots 24,197 equity shares under ESOS
  11-Nov-24   18:41
Back Top