Hi-Tech Pipes Limited has announced the initiation of a qualified institutional placement (QIP) of equity shares, each with a face value of ₹1. The company has approved the preliminary placement document and set the floor price for the issue at ₹194.98 per equity share. The floor price was determined based on the pricing formula prescribed under SEBI regulations.
The board of directors previously approved this move on August 19, 2024, followed by a special resolution passed by the shareholders in the annual general meeting on September 21, 2024. The company may also offer a discount of up to 5% on the floor price, subject to approval and consultation with the lead manager.
Additionally, the company has announced that its trading window will remain closed until 48 hours after the release of its unaudited financial results for the quarter and half-year ended September 30, 2024. This includes a 48-hour period after the floor price announcement.
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