Hi-Tech Pipes raises Rs 500 cr via QIP

New Delhi: Steel pipes maker Hi-Tech Pipes has raised over Rs 500 crore through Qualified Institutional Placement (QIP) route.

The QIP opened on October 7 post market hours, and closed on October 11, the company said in an exchange filing.

The QIP was oversubscribed by marquee institutional investors and received bids of over Rs 800 crore.

"Hi-Tech Pipes announces successful closure of Rs 5,000 Million Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors," the company said.

The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual 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 at Rs 185.50 per equity share under the QIP.

Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of around 8,00,000 metric tonne per annum.