Borosil Renewables raises Rs 200 crore via QIP
Shares of Borosil Renewables rallied nearly 5% Tuesday, extending the gains after the company announced the successful completion of fund raising of Rs 200 crore through a qualified institutions placement (QIP).
It has allotted 15.8 million equity shares of face value of Re 1 each at Rs 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92%.
The funds raised through this QIP will help to undertake planned expansion and the company is excited to capitalise on the business opportunity that industry offers. The funds raised via the Issue are planned to be utilized to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tons per day (TPD) to 950 TPD.
Borosil Renewables is the only Indian manufacturer of solar glass used in photovoltaic panels. It has commissioned its first solar glass manufacturing facility at Bharuch in the Indian State of Gujarat. The company services India’s solar panel manufacturers while simultaneously exporting its products to Europe, Turkey, and North America.
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