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

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.