Hi-Tech Pipes shares surge over 5% to a 52-week high on ₹105 crore order win, ₹600 crore fundraising plan

Hi-Tech Pipes informed the exchanges via a release on August 20 that it has secured an order worth ₹105 crore from companies in the renewable energy sector. The company will supply electric resistance welded (ERW) steel pipes as part of the order.

The company said that the orders will be executed from its state-of-the-art manufacturing facility located in Sanand Unit II Phase I, over the next three months.

In a separate filing on August 19, the company informed the exchanges that its board has approved raising funds of an aggregate amount not exceeding ₹600 crore. The company plans to raise funds through the issue of equity shares or any other equity-linked instruments or securities, through convertible preference shares, fully or partly convertible debentures, by way of a composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares.

The company is also likely to consider raising funds through a private placement, one or more qualified institution placements (QIPs), a further public issue, a rights issue, or any other permissible mode of fundraising.

Hi-Tech Pipes Limited (HTPL) is a manufacturer and supplier of ERW (Electric Resistance Welding) pipes. The company serves industries such as infrastructure, telecommunications, defence, railroads, airports, real estate, and automobiles.

Hi-Tech Pipes shares are trading at ₹186.62 apiece, up 2.1%, on the NSE at 11:15 am.