Monitoring Agency Report w.r.t. Utilization of Qualified Institutional Placement proceeds for the Quarter ended March 31, 2026

Hi-Tech Pipes has submitted its quarterly monitoring agency report for QIP proceeds utilization ending March 31, 2026. The QIP, raised in October 2024, raised net proceeds of Rs 4,732.89 million. Of this, Rs 2,500 million was fully used for debt repayment, Rs 832.89 million for general corporate purposes, and Rs 960 million out of Rs 1,400 million for capex expansion at Sanand (Gujarat) and Sri City (Andhra Pradesh). The company had Rs 440 million unutilized, parked in fixed deposits. A prior quarter deviation was noted: the company had invested unutilized proceeds in an equity mutual fund (Flexi Cap Fund), which did not align with the Offer Document disclosures. This was subsequently redeemed and properly deployed. Some delay in capex implementation exists, with Rs 440 million still pending deployment.