Hariom Pipes up 4% after board okays fundraising of Rs 700 crore; details: Hariom Pipes share price | News on Markets
Hariom Pipes share gains: Shares of piper manufacturer Hariom Pipes soared up to 4.03 per cent to hit an intraday high of Rs 802.70 per share on Wednesday, September 25, 2024.
The rise in Hariom Pipes share price came after the company announced that its board has approved fund raising of Rs 700 crore through issuance of equity shares or any other eligible securities by way of one or more public and/or private offerings including by way of a qualified institutions placement.
In an exchange filing, Hariom Pipes said, “We wish to inform you that Board of Directors of the Company inter alia considered and approved raising of funds through issuance of equity shares or any other eligible securities by way of one or more public and/or private offerings including by way of a qualified institutions placement for an amount not exceeding Rs 70,000 lakh (Rs 700 crore) in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.”
Additionally, the board has also approved the increase in Authorised Share Capital from Rs 40 crore to Rs 50 crore.
Hariom Pipes, based in Hyderabad, Telangana, is a leading integrated steel manufacturer with a strong presence in the South Indian market.
The company offers a diverse range of products, including Mild Steel (MS) billets, pipes and tubes, Hot Rolled (HR) coils, Cold Rolled (CR) coils, and galvanized coils.
Its offerings also encompass scaffolding systems, metal crash barriers, and various profiles, catering to a wide array of industrial applications across multiple sectors.
HPIL operates manufacturing facilities across Telangana, Andhra Pradesh, and Tamil Nadu, ensuring high-quality production under the HARIOM and HPIL brands.
The market capitalisation of Hariom Pipes is Rs 2,439.26 crore, according to BSE. The company falls under the BSE SmallCap category.
The 52-week high of Hariom Pipes stock is Rs 885.05 per share while its 52-week low is Rs 441.05 per share.
At 9:47 AM, shares of Hariom Pipes were trading 2.12 per cent higher at Rs 787.90 per share. In comparison, BSE Sensex was trading 0.04 per cent higher ay 84,950.25 levels.
First Published: Sep 25 2024 | 9:51 AM IST
