Hi-Tech Pipes is likely to consider sub-division of equity shares when the company board meets on January 28, the company told exchanges on Tuesday. Hi-Tech Pipes informed the bourses that the company board will also meet to consider and approved the un-audited financial results of the company for the December quarter, the same day. Shares of Hi-Tech Pipes settled at Rs 854 on Tuesday, after dropping 1 per cent during the date. The smallcap company commanded a market capitalisation of Rs 1,050 crore.
From its 52-week low of Rs 323 in June 2022, the stock has risen about 165 per cent. In the last one year, the stock has jumped more than 40 per cent and is up 72 per cent in last six months.
"The company board will consider the proposal of sub-division or split of the equity shares of the company, having a face value of Rs 10 each, in such a manner as the Board may determine," the company said in a regulatory filing said. Earlier this month, Hi-Tech Pipes signed MoU with the government of Uttar Pradesh to set up a mega manufacturing facility of steel tubes and flat steel processing with a proposed investment of Rs 510 crore in a phased manner. Hi-Tech Pipes is a a steel processing company than provides innovative products in steel pipes, hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures, color coated coils and other galvanized products. The four-decade old company operates manufacturing facilities at Sikandrabad (UP), Sanand (Gujarat), Hindupur (Andhra Pradesh) and Khopoli (Maharashtra), with an installed capacity of 5,80,000 MTPA on a consolidated basis.
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