Hi-Tech Pipes announced the successful closure of Rs 500 crore Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors. The QIP, which opened on 07 October 2024 (post market hours) and closed on 11 October 2024, received bids of over Rs 800 crore. The overwhelming response from marquee qualified institutional investors, demonstrates strong confidence on the Company's growth prospects.
The QIP attracted a diverse pool of top-tier institutional investors including mutual funds, and renowned foreign institutions and treasuries, reaffirming the market's belief in Hi-Tech's ability to navigate industry challenges and capitalise on the growing demand in the ERW (Electric Resistance Welding) steel tubes and pipes segment.
The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mututal Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, prominent global institutions also participated in the QIP.
The Company issued 26,996,734 fresh equity shares @ ₹ 185.50 per equity share under QIP, representing a discount of 4.86% to the floor price and 7.39% discount to the last traded price on NSE on October 7, 2024.
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