Hi-Tech Pipes To Raise Rs 600 Crore Through QIP

The board of directors of Hi-Tech Pipes Ltd. has announced plans to raise Rs 600 through any of these modes—a private placement, one or more qualified institutional placements, a follow-on public issue, or a rights issue, according to an exchange filing with the BSE.

The company's full statement stated that the funds will be raised by "issue of equity shares or any other equity linked instruments or securities, including convertible preference shares/ fully or partly convertible debentures or by way of a composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares, or any other eligible securities through inter alia, a private placement or through one or more qualified institutions placements or further public issue or a rights issue or through any other permissible mode under applicable laws and/ or combination thereof, as may be considered appropriate, for an aggregate amount not exceeding Rs. 600 Crores."

It will be issued in cash and at such a premium or discount, as applicable, subject to the approval of the shareholders and other statutory, regulatory or other approvals.

Shares of Hi-Tech Pipes rose 2.25% to Rs 182.68 apiece on the NSE. This compares to a 0.13% rise in the NSE Nifty 50.