Hi-Tech Pipes, a small-cap stock that has surged 130% in the past year, has successfully raised ₹500 crore through a QIP

Steel pipes maker Hi-Tech Pipes has raised over Rs 500 crore through Qualified Institutional Placement (QIP) route. The QIP opened on October 7 post market hours, and closed on October 11, the company said in an exchange filing.

SpiceJet share price extended its rally in October 10 trade after the stock gained nearly 5 percent as the company informed the shareholders on adding first new station after raising Rs 3,000 cr via Qualified Institutional Placement (QIP).

According to the company, the growth is primarily driven by a surge in demand across key sectors, including infrastructure, water transportation, and solar energy.

BofA Securities, Motilal Oswal, Bank of India, Bandhan Mutual Fund, JM Financial Mutual Fund, LIC MF were among those who were issued shares in the QIP.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands at Rs 20,31,07,734 consisting of 20,31,07,734 Equity Shares of Rs 1 each.