The board of Hi-Tech Pipes allotted 55.40 lakh fully convertible equity warrants at Rs 692 each, aggregating to Rs 383.36 crore to promoter, promoter group & non-promoter group category.
The company said that the warrants will be converted into fully paid up equity shares within 18 months from the date of allotment of warrants.Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same.
The company's consolidated net profit declined 56.8% to Rs 4.34 crore despite of 29.9% jump in net sales to Rs 598.53 crore in Q2 FY23 over Q2 FY22.
The scrip declined 0.43% to Rs 858.60 on the BSE.
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