Multibagger stock: .hares of Hi-Tech Pipes Ltd are one of the multibagger stocks on Dalal Street that has given strong upside bounce in post-Covid rally in last two and half years. This small-cap stock witnessed strong buying interest on previous session and climbed to new life-time high of ₹789 apiece on NSE. Hi-Tech Pipes share price shot up on Thursday after company’s board nodded for issuance of fully convertible equity warrants at ₹692 apiece, new 10 per cent below its current share price.
The multibagger small-cap company informed Indian stock market exchanges about the issuance of equity warrants citing, “Pursuant to the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Board of Directors in its meeting held today i.e. Thursday, November 24, 2022, inter-alia considered and approved issuance of 57,00,000 (Fifty seven Lakhs Only) Fully Convertible Equity Warrants (“Warrants”) each carrying a right exercisable by the warrants holder[s] to subscribe to one (1) equity share against each warrant at a price of Rs. 692 /- [including the warrant subscription price. and warrant exercise price] or at a price as may be determined in accordance with the provisions of Chapter V of SEBI (ICDR) Regulations 2018, whichever is higher, to the person(s) belonging to Promoter, Promoter Group and Non-Promoter Group category (including Qualified Institutional Buyers (QIBs)), on such terms and condition as may be determined by the Board and subject to approval of shareholders of the Company through postal ballot and applicable regulatory authorities as the case may be, in accordance with the SEBI (ICDR) Regulations, 2018 and other applicable laws.”
As mentioned above, Hi-Tech Pipes shares are one of the multibagger stocks that Indian stock market has produced in recent years. In YTD time, it has surged from around ₹535 to ₹767 apiece levels, logging to the tune of near 45 per cent. This multibagger stock has given sharp upside move in post-Covid rebound as it surged from around ₹75 to ₹767 levels in last two and half years, delivering more than 900 per cent return to its loyal shareholders. However, this small-cap stock has a history of giving whopping return to its shareholders. In last six years, it has risen from around ₹55 to ₹767 apiece levels on NSE, logging near 1250 per cent rise in this near 6 year time.
This multibagger small-cap stock is available for trade on both NSE and BSE. On Thursday, it ended with a market cap of ₹947 crore and its trade volume on Thursday session was 2,97,532, which is much higher than its last 20-day average trade volume of 1,94,731.
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Read More: Multibagger stock hits record high after warrants issue at 10% discount