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Hi-Tech Pipes announced the successful closing of a Qualified Institutional Placement (QIP) of Rs 500 crore, oversubscribed by renowned institutional investors. The QIP, which opened on October 7, 2024 (after trading hours) and closed on October 11, 2024, received bids of over Rs 800 crore. The overwhelming response from renowned qualified institutional investors demonstrates great confidence in the company’s growth prospects.
The QIP attracted a diverse pool of leading institutional investors, including mutual funds and renowned foreign institutions and treasuries, reaffirming the market’s confidence in the ability of high-tech to address industry challenges and to capitalize on the growing demand in the field of SRE (electric resistance welding). steel tubes and pipes segment.
The QIP has attracted leading domestic institutions such as Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, WhiteOak Mutual Fund and SBI General Insurance. In addition, prominent global institutions also participated in the QIP.
The company issued 26,996,734 new shares at ₹185.50 per share under the QIP, representing a discount of 4.86% to the floor price and 7.39% to the last price traded on NSE on October 7, 2024.
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First publication: October 11, 2024 | 7:07 p.m. STI