Multibagger update: This metal sector company reached a new 52-week high after board approved fund raising via preferential issue of warrants and shares
The shares of Hi-Tech Pipes have been seen rallying in the past five trading sessions.
The shares of Hi-Tech Pipes have been seen rallying in the past five trading sessions. The shares hit a 52-week high of Rs 816.35 per share on BSE. The shares of this company have soared more than 25 per cent in just five trading sessions, meaning to say that an investment of Rs 1 lakh made five days ago would have generated Rs 25,000 profit today. It generated returns of nearly 53 per cent in a just six months.
Hi-Tech Pipes Limited (HTPL) held its meeting of board of directors on Thursday, November 24, to consider and approve decisions on fund raising. The company board has approved 57 lakh full convertible equity warrants at an issue price of Rs 692 per warrant. Each of these warrants can be converted into one equity share, if the owner exercises the right for the same.
The company will issue these warrants to promoters, non-promoters investors including qualified institutional buyers (QIBs). However, the issuance of these warrants is subject to approval of shareholders of the company. The company board has also decided to issue three lakh equity shares with a face value of Rs 10 on a preferential basis, each to non-promoter’s investors, which will be determined by the board.
Hi-Tech Pipes is engaged in the manufacturing of a wide range of steel tubes and pipes. New Delhi headquartered Hi-Tech Pipes Limited is a powerful brand name in the Indian piping space. It is one of India’s leading ERW pipe manufacturers and suppliers. Its products find application in a wide range of industries such as infrastructure, telecom, defence, power distribution, railways, airport, real estate, automobile and agriculture, among others.
Investors should keep an eye on the on this stock in the upcoming session.