Borosil Renewables Limited submitted monitoring agency reports for the quarter ended March 31, 2026, to the stock exchanges on May 12, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The reports were prepared by ICRA Limited and CARE Ratings Limited, serving as monitoring agencies for two distinct preferential issues conducted by the company. Both agencies confirmed that the utilisation of issue proceeds remained in line with the objects disclosed in the respective offer documents, with no material deviation reported.

ICRA Report: February 2025 Preferential Issue

ICRA Limited monitored the proceeds from the preferential issue that opened on February 06, 2025, and closed on February 13, 2025. The issue involved equity shares and fully convertible warrants, with an original issue size of INR 700.00 Crore (1,13,20,754 warrants + 18,86,793 equity at ₹530 each). The issue size was subsequently revised to INR 517.66 Crore (78,80,436 warrants + 18,86,793 equity at ₹530 each) following a board resolution passed through circulation on March 05, 2025. The reduction occurred in two stages — first to INR 697.56 Crore due to the ineligibility of two proposed allottees for warrants, and then to INR 517.66 Crore due to undersubscription. As of March 31, 2026, proceeds credited to the equity and warrant account stood at INR 235.14 Crore, which ICRA monitored for Q4FY2026.

The following table summarises the revised cost of objects and progress in utilisation as monitored by ICRA:

ICRA noted that INR 20.54 Crore utilised during the quarter towards capital expenditure represents a reimbursement of expenses incurred earlier by the company from its internal accruals. The actual unutilised proceeds stood at INR 473 as only part payment had been received against the warrants as on March 31, 2026, with the closing balance of the HSBC Warrant Account at INR 473.

CARE Ratings Report: October 2025 Preferential Issue

CARE Ratings Limited monitored the proceeds from the preferential issue of equity shares with an issue period of October 10, 2025, to October 17, 2025. The original issue size was Rs. 376.02 crore; however, the actual amount raised was Rs. 371.49 crore owing to undersubscription. CARE Ratings confirmed no deviation from the objects of the issue and noted no major deviation from its previous monitoring agency report dated January 28, 2026, for the quarter ended December 31, 2025.

The following table presents the cost of objects and utilisation progress as reported by CARE Ratings:

The General Corporate Purposes allocation was revised to ₹54.15 crore owing to undersubscription of equity shares offered to certain investors. The shortfall in proceeds for funding the originally envisaged General Corporate Purposes is proposed to be met through internal accruals, with the restructuring of utilisation of issue proceeds approved by the Board through its resolution dated January 08, 2026. CARE Ratings noted that ₹68.72 crore was spent towards capital expenditure and ₹10.00 crore towards issue-related expenses, tracked through the company's Cash Credit account and sample invoices.

Deployment of Unutilised Proceeds

CARE Ratings reported that the unutilised proceeds of Rs. 292.77 crore were deployed across six money market mutual funds as at March 31, 2026. The company redeemed earlier mutual fund investments and reinvested in Nippon India Money Market Fund and Tata Money Market Fund during Q4FY26.

Key Disclosures: Subsidiary Insolvency Proceedings

Both monitoring agencies flagged material developments relating to the company's European subsidiaries. ICRA took note of the exchange disclosure dated July 5, 2025, pertaining to GMB Glasmanufaktur Brandenburg GmbH (GMB), a step-down subsidiary, whose Managing Director filed an insolvency application on July 4, 2025, before the insolvency court at Cottbus, Germany, citing the absence of clear indications of demand recovery and possible liquidity issues. ICRA noted that INR 185 Crore of issue proceeds had been utilised towards satisfaction of financial liabilities of GMB during Q4FY2025.

CARE Ratings additionally noted the exchange disclosure dated December 23, 2025, pertaining to Geosphere Glassworks GmbH (Geosphere), the wholly owned subsidiary that held a majority stake in GMB. Geosphere filed for insolvency on December 22, 2025, after a German Government Bank claimed recovery of a capital subsidy of EUR 4.81 million granted to GMB, alleging non-compliance with subsidy conditions following GMB's insolvency. CARE Ratings noted that with the initiation of insolvency proceedings, the Group has lost control over both GMB and Geosphere. The reports were submitted to the stock exchanges by Company Secretary and Compliance Officer Kishor Talreja (Membership No. FCS – 7064).

Borosil Renewables has announced the allotment of 94,338 equity shares following the conversion of warrants by specific holders. This decision was approved by the Management Committee of the Board of Directors during a meeting held on May 08, 2026. The allotment is pursuant to the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Background of the Allotment

The company had previously informed the exchanges regarding the allotment of 78,80,436 warrants on a preferential basis to persons belonging to the non-promoter category. Each warrant was convertible into one fully paid-up equity share of Re. 1/- each. The issue price was fixed at Rs. 530/- per warrant. At the time of the initial warrant allotment, holders had paid 25% of the issue price, amounting to Rs. 132.50/- per warrant. The remaining 75%, or Rs. 397.50/- per warrant, was payable at the time of conversion.

Details of the Conversion

Upon receiving conversion notices and the balance payment from certain warrant holders, the company approved the conversion of 94,338 warrants into an equal number of fully paid-up equity shares. The table below details the specific allotment made to the warrant holders who opted for conversion.

Impact on Capital Structure

Following this allotment, the paid-up equity share capital of Borosil Renewables has increased. The capital now stands at Rs. 14,02,83,183, divided into 14,02,83,183 equity shares of face value Re. 1/- each. The newly allotted shares will rank pari-passu with the existing equity shares of the company, ensuring equal rights and privileges.