Hariom Pipe Industries shares jumped more than 2% in morning trade after 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 is intended to improve the company’s capital base for future development and expansion.
The firm intends to raise money through public or private offerings, including qualified institutional placements (QIPs), subject to shareholder and regulatory clearances. The financing would follow the Securities and Exchange Board of India’s (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018.
In order to enable the issuance of additional equity shares, the company also approved an increase in authorized share capital from ₹40 crore to ₹50 crore. The authorized capital will now consist of 4.66 crore equity shares and 33.16 lakh redeemable non-cumulative preference shares.
As of 9:51 am, Man Infraconstruction shares were trading 1.44% higher at Rs 783.20 on the NSE.
