Hariom Pipe Industries Limited has announced that its Board of Directors approved a plan to raise funds up to ₹700 crore through the issuance of equity shares or other eligible securities. This decision was made during the company’s board meeting on September 24, 2024, and aims to strengthen the company’s capital base for future growth and expansion.
The company plans to raise funds through public or private offerings, including qualified institutional placements (QIPs), subject to necessary approvals from shareholders and regulatory authorities. The fundraising will be conducted under the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018.
Additionally, the company approved the increase in authorized share capital from ₹40 crore to ₹50 crore, facilitating the issuance of additional equity shares. The authorized capital will now include 4.66 crore equity shares and 33.16 lakh redeemable non-cumulative preference shares.
To streamline the fundraising process, the Banking Committee has been renamed the Fund Raising Committee, which will oversee all matters related to the capital-raising initiatives.
The company will also issue a Postal Ballot Notice to seek approval from its shareholders for the proposed capital increase and fundraising plan.
