Hariom Pipe Industries: Hariom Power and Energy no longer a wholly owned subsidiary

Hariom Pipe Industries Limited disclosed that Hariom Power and Energy Private Limited (HPEPL), formerly a wholly owned subsidiary, ceased to hold that status as of November 20, 2025. This change follows the allotment of 1,17,69,244 equity shares by HPEPL at a face value of INR 10/- each. The total consideration for this allotment amounted to INR 11,76,92,440/-, made through a preferential/private placement basis.

The allotment was primarily made to Hariom Pipe Industries Limited and other identified investors, including promoters and the promoter group, leading to HPEPL becoming a subsidiary rather than a wholly owned entity of the company. This strategic move was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

As per the disclosures, HPEPL's income for the last financial year (as of March 31, 2025) was Nil, while its net worth was INR 10 lakhs, representing 0.001% of the total. No agreement for sale was entered into, and the transaction is not considered a related party transaction under the "arm's length" principle.