Hariom Pipe Industries Limited announced a private placement of up to 2,144,000 equity shares at a price of INR 345 per share for gross proceeds of up toINR 739,680,000 and issuance of up to 3,371,000 convertible warrants at a price of INR 86.25 for gross proceeds of INR 290,748,750; for aggregate gross proceeds of up to INR 1,030,428,750 on January 25, 2023. The equity shares transaction will include participation from foreign portfolio investors, including Malabar India Fund Limited for 405,000, pubic investors Shruthi Murali for 290,000, Narayana Trading & Investments for 290,000, DHA Prime Life Sciences LLP for 1,140,000, Bhagyashri Dharmasa Zad for 2,000, including key managerial personnel, Amitabha Bhattacharya for 750, Ashish Agarwal for 1,250, Chirag Partani for 1,250, including employees of the company Riya Jindal for 500, Deepak Kumar for 2,500, Ramesh for 2,500, Radheshyam Chauhan for 125, Kayagurala Muralidhar for 500, Maruti Chindhu Jadhav for 250, Sitarama Sharma for 375, Pukh raj for 250, Tandur Mahesh Goud for 125, Eega Harish for 125, Bhagwat Prasad Gupta for 250, Ashwin Bhagwandas Parashar for 125, Nitesh Gupta for 250, Yash Gupta for 3,750 equity shares and for convertibles warrants from foreign portfolio investors, including Malabar India Fund Limited for 2,435,000, including promoters Rupesh Kumar Gupta for 262,500, Sailesh Gupta for 262,500, Rakesh Kumar Gupta promoter group for 350,000, included key managerial personnel, Amitabha Bhattacharya for 2,250, Ashish Agarwal for 3,750, Chirag Partani for 3,750, independent directors, Sneha Sankla for 5,000, Joyeeta Bose for 2,000, also included employees of the company, Krishnakanth Jaju for 3,000, Pratik Kedia for 1,500, Sharad Shyamsundar Lahoti for 1,500, Arat Ramesh for 375, Riya Jindal for 1,500, Deepak Kumar for 7,500, Ramesh for 7,500, Radheshyam Chauhan for 375, Kayagurala Muralidhar for 1,500, Maruti Chindhu Jadhav for 750, Sitarama Sharma for 1,125, Pukh Raj for 750, Tandur Mahesh Goud for 375, Eega Harish for 375, Bhagwat Prasad Gupta for 750, Ashwin Bhagwandas Parashar for 375, Nitesh Gupta for 750, Yash Gupta for 11,250, and public investor Bhagyashri Dharmasa Zad for 3,000 warrants. The company will issue equity shares and convertible warrants through preferential allotment.

All the convertible warrants will be exercised within a period of eighteen months from the date of issuance. Upon issuance of warrants an amount of 25% of price, for each warrant shall be payable by the warrant holders at the time of subscription and allotment of each warrant and the 75% of price for each warrant shall be payable by the warrant holders on the exercise of the warrants. The transaction has been approved by the board of directors of the company.

The transaction is subject to approval from the shareholders of the company in the Extraordinary General Meeting on February 20, 2023 and is subject to necessary approval from the regulatory authorities including BSE Limited, National Stock Exchange of India Limited, Reserve Bank of India.