Borosil Renewables announces completion of Rs 200 crore QIP
Borosil Renewables Ltd (BRL) on Friday announced the successful completion of fundraising of Rs 200 crore through a qualified institutions placement (QIP) issue.
Borosil Renewables Ltd allotted 1.58 crore 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 per cent. The company’s securities issue committee had approved opening of the issue on December 14 and closing on December 17.
“The funds raised through this QIP will help us undertake our planned expansion and we are excited to capitalize on the business opportunity that our industry offers,” said Executive Chairman Pradeep Kheruka.
The funds raised are planned to be utilized by Borosil Renewables Ltd to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tonnes per day to 950 tonnes per day.
Axis Capital Ltd acted as the sole book-running lead manager to the issue. Khaitan and Company acted as the Indian legal counsel.
Borosil Renewables is engaged in the manufacturing of low iron solar glass for application in photovoltaic panels, solar thermal flat plate collectors, and greenhouses and is the only solar glass manufacturer in India.
The company commissioned its first solar glass manufacturing facility at Bharuch in Gujarat. The company services India’s solar panel manufacturers while simultaneously exporting its products to Europe, Turkey, and North America.