Notice of Postal Ballot w.r.t. Raising of funds
HITECH · price
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Hi-Tech Pipes Ltd is seeking shareholder approval via postal ballot for issuance of 90 lakhs Fully Convertible Equity Warrants to promoter group entities at Rs. 100 per warrant, totaling Rs. 90 crore. The allottees include Mr. Vipul Bansal (20 lakh warrants), Aks Buildcon Private Limited (40 lakh warrants), and Hi-tech Agrovision Private Limited (30 lakh warrants). Each warrant is convertible into 1 equity share of Re. 1 face value within 18 months. The issue price of Rs. 100 is above the SEBI-mandated floor price of Rs. 90.27. Fund utilization is for working capital and general corporate purposes. Remote e-voting runs from May 30 to June 28, 2026.
Promoter group stake will increase from 43.76% to 46.14% post-conversion. This is an all-promoter fundraise with no external institutional investor participation, which may signal promoter confidence but also represents potential dilution for public shareholders.