New Delhi : Hi-Tech Pipes, a manufacturer of steel pipes, has successfully raised more than Rs 500 crore by utilizing the Qualified Institutional Placement (QIP) method. The QIP began after market hours on October 7 and ended on October 11, as per the company's filing with the exchange. Marquee institutional investors oversubscribed the QIP and placed bids exceeding Rs 800 crore.
The company stated that it successfully completed a Rs 5,000 Million Qualified Institutional Placement (QIP) with oversubscription from renowned institutional investors. The QIP drew in top local institutions such as Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, WhiteOak Mutual Fund, SBI General Insurance. Additionally, prominent international organizations were also involved in the QIP.
26,996,734 new equity shares were released by the company at a price of Rs 185.50 per share through the QIP. Hi-Tech Pipes possesses and runs six complete manufacturing plants with a total installed capacity of approximately 8,00,000 metric tonne per year
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