Hi-Tech Pipes raises ₹500 Crore via QIP

14 Oct 2024 , 09:35 AM

Hi-Tech Pipes Ltd. completed its Qualified Institutional Placement (QIP) on Friday, October 11, raising ₹500 Crore through institutional share sales.

The business approved the allotment and issue of 2.69 Crore equity shares at a price of ₹185.5 per share, representing an 8.2% discount from the stock’s closing price on Friday.

The QIP has issued shares to Bandhan Mutual Fund, India Inflection Opportunity Trust, and Motilal Oswal.

BofA Securities, SBI General Insurance, and Intuitive Alpha Investment Fund have also received shares through the QIP.

The issue of equity shares raises the paid-up equity share capital from ₹17.61 Crore to ₹20.31 Crore.

Hi-Tech has been offering specialised equipment and technical services to India’s power and process industries since 1989. The company work with both domestic and foreign power sector equipment manufacturers to provide our customers with the most up-to-date technology.

Hi-Tech Pipes’ stock has performed admirably, up 68% year to date (YTD). The share price increased from ₹119.45 to ₹201.60, according to BSE. On October 11, 2024, the stock finished at ₹201.25, representing a small drop. Hi-Tech Pipes has generated an outstanding 130% return on investment during the last year. Furthermore, over the last two years, the stock’s value has increased by 240%, demonstrating its great market performance.

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