Hariom Pipe Industries Approves Rs 700 Crore Via Multiple Financial Instruments

The board of directors of Hariom Pipe Industries Ltd. on Tuesday approved raising Rs 700 crore funds. The approved funds will be raised through equity shares or other eligible securities convertible into equity shares, according to an exchange filing on Tuesday.

Also, the funds will be raised in one or more tranches, subject to the approval of all the members of the company and other required stakeholders, the filings said.

Further, the company said that it will increase its authorised share capital from Rs 40 crore to Rs 50 crore.

Before this increase, the authorised share capital stood at Rs 40 crore, divided into about 3.67 crore equity shares of Rs 10 each and 33.16 lakh 0% Series A redeemable non-cumulative preference shares of Rs 10 each, it said.

Following the increase, the authorised share capital will be Rs 50 crore, divided into about 4.67 crore equity shares of Rs 10 each and 33.16 0% Series A redeemable non-cumulative preference shares of Rs 10 each.

Shares of Hariom Pipe Industries closed 2.97% lower at Rs 771.55 apiece, compared to a 0.02% fall in the benchmark BSE Sensex. The stock had risen 33.26% in the last 12 months and 23.43% year-to-date. The relative strength index was 52.