Hi-Tech Pipes bags Rs 100 cr pipe supply order; plans to raise Rs 600 cr

Hi-Tech Pipes on Tuesday said it bagged orders worth Rs 105 crore for supply of electric resistance welded steel pipes from customers in the renewable energy sector.

The company also announced a plan to raise up to Rs 600 crore through issuance of equities.

The supply orders will be executed from its new manufacturing facility located in Sanand, Gujarat over the next three months, the steel pipes maker said in a statement.

The orders for supplying ERW (electric resistance welded) steel pipes, totalling Rs 105 crore, came from key customers in the renewable energy sector, according to the statement.

"The steel pipes will be utilized in various applications within the renewable energy sector, including wind farms, solar installations, and other green energy projects," it said.

 

In a separate statement, the company said its board has approved a plan to raise up to Rs 600 crore though equity issues.

The fund raising plan has been approved "by way of issue of equity shares or any other equity-linked instruments or securities...or by way of a composite issue of non-convertible debentures and warrants...or any other eligible securities through...for an aggregate amount not exceeding Rs 600 crore", the company said.

The proposal remains subject to necessary approvals, Hi-Tech Pipes said.

Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.