Hi-Tech Pipes Secures Rs 105 Crore Order and Announces Rs 600 Crore Equity Plan

Hi-Tech Pipes has secured a Rs 105 crore order to supply electric resistance welded steel pipes to customers in the renewable energy sector. The company also plans to raise up to Rs 600 crore through equity issuance. The orders will be fulfilled from its new Sanand, Gujarat facility over the next three months.

Hi-Tech Pipes on Tuesday announced it secured a Rs 105 crore order for electric resistance welded steel pipes from clients in the renewable energy sector.

The company also revealed a strategy to raise up to Rs 600 crore through equity issuance.

The supply orders will be executed from its new Sanand, Gujarat manufacturing facility over the next three months, the company stated. These pipes will be used in various renewable energy applications such as wind farms and solar installations.

In a separate announcement, the company specified that the board has approved raising funds via equity shares or other equity-linked instruments, including non-convertible debentures and warrants, up to an amount of Rs 600 crore, pending necessary approvals.

Hi-Tech Pipes operates six integrated manufacturing units with a combined capacity of 7,50,000 metric tonnes annually.

(With inputs from agencies.)