Hi-Tech Pipes Ltd Share Price – NSE  / BSE

Steel, Small Cap

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.

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The floor price of Rs 194.98 is at a discount of 1.5% to the previous day's closing price of Rs 197.95 on the BSE.

The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.

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.

Shares of Hi-Tech Pipes rose 0.48% to Rs 198.90 on the BSE.

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Hi-Tech Pipes announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2024.

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Hi-Tech Pipes has received the credit rating of IND A; Stable/ IND A1 for bank facilities availed by the company.

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