Hariom Pipe Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on May 21, 2026.
HARIOMPIPE · price
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Hariom Pipe Industries Limited's Board approved the issue of up to 15 lakh convertible warrants to promoter category persons (Rupesh Kumar Gupta, Shailesh Kumar Gupta, Parul Gupta, and Isha Gupta) for Rs. 51.45 crore at Rs. 343 per warrant. Only 25% (Rs. 85.75) is payable upfront, with the remaining 75% due upon conversion. The warrants have an 18-month tenure and will convert into an equal number of equity shares. Promoter holding will increase from ~29.85% to ~33.08% post full conversion. The Board also approved alterations to the Articles of Association to permit debt-to-equity conversion in case of default, and called an Extra-Ordinary General Meeting on June 16, 2026 for shareholder approval.
This is a promoter-funded warrant issuance with favorable terms (75% deferred payment), indicating promoter confidence in the company. Shareholder dilution of approximately 4.6% will occur upon full conversion. The debt conversion clause in AOA suggests potential financial stress or precautionary measure.