Hi-Tech Pipes informed the exchanges that the fundraising committee of the company has approved the issue and allotment of 2,69,96,734 equity shares to eligible qualified institutional buyers. The shares were allotted at the issue price of Rs 185.50 per equity share. The company raised Rs 500 crore through this institutional share sale.

“Approved the issue and allotment of 2,69,96,734 equity shares to eligible qualified institutional buyers at the issue price of ₹185.50 per equity share, representing a premium of ₹184.50 per equity share participation (which includes a discount of ₹9.48 per equity share (4.86% of the floor price, as determined in accordance with SEBI ICDR regulations) to the floor price), totaling ₹5,00,78,94,157/- (). rupees five hundred crores seventy-eight Lakhs ninety-four thousand one hundred and Fifty Seven Only), as per the issue,” the company said in an exchange filing.

Bandhan Mutual Fund, India Inflection Opportunity Trust and Motilal Oswal are among those who received shares from the QIP.

The issue opened on October 7, 2024 and closed on October 11, 2024.

As per the allotment of equity shares in the issue, the paid-up share capital of the company stands at Rs 20,31,07,734, consisting of 20,31,07,734 equity shares of Rs 1 each.

“Following allotment of equity shares under the issue, the paid-up share capital of the company increased from ₹17,61,11,000, consisting of 17,61,11,000 equity shares having a face value of 1/- ₹ each. at ₹20,31,07,734 consisting of 20,31,07,734 equity shares of ₹1/- each,” the filing said.

Earlier, the company reported its highest ever sales volumes for the second quarter at 123,027 metric tonnes (MT), representing a year-on-year (YoY) growth of 22.5%.

For the first half of FY25, sales volumes reached 245,182 tonnes, reflecting an exceptional year-on-year (YoY) increase of 32.55%.

According to the company, the growth is mainly due to an increase in demand in key sectors, including infrastructure, water transport and solar energy.