Hi-Tech Pipes Limited announced a private placement of 1,370,000 prepaid warrants on December 3, 2020. The warrants will be convertible into one common share of the company at INR 164 per share and will mature in 18 months from the date of allotment. The company will receive 25% of the total amount which is INR 56,170,000 as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months.

The transaction has been approved by the board of directors of the company. The company will securities using third party allotment method. The transaction will include participation from returning investors Ajay Kumar Bansal, Anish Bansal, Vipul Bansal for 150,000 each, new investors Shyam Lal Mittal, Naresh Aggarwal, Roshan Lal, Babita Mittal for 100,000 warrants each, Dharmender Goel, Prateek Goel, Rohit Goel, Vasudev Goel for 50,000 warrants each, Rajendra Chordia for 40,000 each, Priti Gupta, Sanjeev Gupta, Dinesh Chordia, Tikamchand Khimsura M for 30,000 each, Rajneesh Jain, Arun Kumar Dhamija, Naveen Jain, Sanjay Parmar, Manoj Garg for 25,000 warrants each, Bhupinder Goel for 15,000 warrants, Anju Gupta, Kanika Bhatia for 10,000 warrants each.