Hi-Tech Pipes announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 194.98 per share.
The floor price of Rs 194.98 is at a discount of 1.5% to the previous day's closing price of Rs 197.95 on the BSE.The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.
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.
Shares of Hi-Tech Pipes rose 0.48% to Rs 198.90 on the BSE.
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