Hariom Pipes approved raising up to Rs 700 crore

In 2007, Mr. Roopesh Kumar Gupta, the Managing Director and Promoter, proudly established Hariom Pipe Industries Limited in remembrance of the late Shri. Hariom Gupta Ji, a trailblazing figure in the steel industry since 1962. This great legacy has been painstakingly maintained by the second generation, under the direction of Shri Rakesh Gupta Ji. Under his direction, the third generation, which includes Mr. Roopesh Kumar Gupta and Mr. Sailesh Gupta, has excelled to become one of India’s leading manufacturers of iron and steel products. The company sells a wide variety of goods, such as galvanized coils, hot rolled (HR), cold rolled (CR), and mild steel (MS) billets, pipes, and tubes. Hariom Pipe Industries Limited has thrived into an integrated steel manufacturer with a national presence and a significant market presence throughout the entire south and west of India thanks to committed leadership and a talented management team. Our pipes, produced under the HARIOM and HPIL brands, are compliant with the Bureau of Indian Standards. They include circular sections with a diameter of 12NB to 175NB, square hollow sections with a range of dimensions from 12×12 mm to 150×150 mm and a thickness of 0.50 mm to 6.00 mm, and rectangular hollow sections with a range of dimensions from 25×12 mm to 200×100 mm and a thickness of 0.60 mm to 6.00 mm.

Hariom Pipe Industries Ltd. fundraising of Rs. 700 crore:

The company’s announcement that its board had approved raising funds for Rs 700 crore through the issuance of equity shares or any other eligible securities through one or more public and/or private offerings, including through a qualified institution placement (QIP), caused the share price of Hariom Pipes to rise.

Hariom Pipes stated in an exchange filing: “We would like to notify you that, under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Board of Directors of the Company, among other things, considered and approved raising of funds through the issuance of equity shares or any other eligible securities by way of one or more public and/or private offerings, including by way of a qualified institution placement for an amount not exceeding Rs 70,000 lakh (Rs 700 crore).” The increase in authorized share capital from Rs 40 crore to Rs 50 crore has also been approved by the board.

Hariom Pipe Industries Ltd. stock decline by 2% now:

The stock of Hariom Pipe Industries Ltd. is currently trading at Rs. 753, up over 4% from its opening session trading at Rs. 804 per share. The shares of Hariom Pipes have reached a 52-week high of Rs 885.05 and a 52-week low of Rs 441.05.

Conclusion: Hariom Pipe Industries Ltd. is soliciting funds in the amount of Rs. 700 to facilitate business expansion.