Hariom Pipe Industries subsidiary Hariom Power and Energy Private Limited has received the Project Commissioning Certificate for its 5 MW AC (6 MW DC) Solar PV Power Project located in Hingoli District, Maharashtra. The certificate, issued by the Superintending Engineer (O&M) of Maharashtra State Electricity Distribution Company Limited (MSEDCL), confirms that the facility was commissioned on July 08, 2026. This regulatory milestone marks the successful completion of the commissioning phase and enables the subsidiary to commence commercial operations in accordance with the applicable regulatory framework.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on July 30, 2026. It serves as a continuation of an earlier disclosure dated July 11, 2026, which reported the successful installation and commencement of power generation from the same asset. The project is situated at Rupur Tanda, Aunda Nagnath Taluka, in the Hingoli District.

Project Details

The receipt of the certificate signifies that the infrastructure has been successfully connected to the MSEDCL Grid. Hariom Pipe Industries Limited, through its Company Secretary and Compliance Officer Rekha Singh, submitted the disclosure to both the National Stock Exchange of India Limited and BSE Limited.

What the Numbers Show

The transition from installation to certified commissioning represents a critical operational milestone for Hariom Power and Energy Private Limited. With the Project Commissioning Certificate in hand, the 5 MW AC (6 MW DC) facility moves from a construction and testing phase to a revenue-generating status. This formal recognition by MSEDCL removes regulatory ambiguity regarding the start date for commercial energy sales, allowing the subsidiary to begin realizing returns on the capital deployed in the Hingoli District project.

Hariom Pipe Industries has completed the allotment of 15,00,000 convertible warrants on a preferential basis, raising a total value of ₹51,45,45,000. The Board of Directors approved the allotment via resolution on July 27, 2026, following the receipt of initial subscription money from four investors belonging to the Promoter and Promoter Group. This capital infusion strengthens the company’s equity base without immediate dilution, as the warrants are convertible into equity shares upon payment of the remaining balance within 18 months.

The allotment was executed in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, read with Schedule III, and Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company had previously intimated the market about this preferential issue on May 21, 2026, and June 16, 2026. Each warrant carries a face value of ₹10 and an issue price of ₹343.03, which includes a premium of ₹333.03 per warrant.

Allotment Details

The warrants were allotted to Rupesh Kumar Gupta, Shailesh Kumar Gupta, Parul Gupta, and Isha Gupta. The table below outlines the distribution of warrants and the initial funds received:

The aggregate amount received represents 25% of the total issue price. The balance 75% of the issue price must be paid by the warrant holders at the time of exercise. Each warrant holder is entitled to convert their warrants into fully paid-up equity shares in one or more tranches within 18 months from the date of allotment.

Conversion Terms and Lapse Provisions

Upon conversion, each warrant will be exchanged for one fully paid-up equity share of the company. If a warrant holder fails to exercise the conversion option within the 18-month tenure, the warrants will lapse. In such cases, the amount already paid by the holder stands forfeited by the company, as per the terms of the issue and applicable SEBI ICDR Regulations.

What the Numbers Show

The structure of this issuance highlights a strategic approach to capital raising that defers full cash outflow for the promoters. By paying only 25% upfront (₹12.86 crore against a total valuation of ₹51.45 crore), the promoters retain liquidity while securing future equity. The forfeiture clause adds a layer of commitment; failure to pay the remaining ₹38.59 crore within 18 months results in a loss of the initial investment, aligning promoter interests with the long-term viability of the conversion.

This disclosure was filed pursuant to SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. There is no change in the paid-up equity share capital, shareholding pattern, or control of the company consequent to this allotment.