Borosil Renewables Converts 28,301 Warrants to Equity Shares

Borosil Renewables Limited , a key player in the renewable energy sector, has announced a significant corporate action involving the conversion of warrants into equity shares. This move is part of the company's ongoing capital restructuring efforts.

Warrant Conversion Details

The company has allotted 28,301 equity shares with a face value of Re. 1 each to Pushpman Consultants Private Limited, following the conversion of an equal number of warrants. This conversion is part of a larger allotment of 78,80,436 warrants issued on a preferential basis to non-promoter category investors.

Financial Aspects of the Conversion

The warrant conversion process involved a two-step payment structure:

Payment Stage	Amount per Warrant	Percentage of Issue Price
Initial Payment	Rs. 132.50	25%
Balance Payment	Rs. 397.50	75%
Total Issue Price	Rs. 530.00	100%

Pushpman Consultants Private Limited completed the conversion by paying the balance 75% of the warrant price, amounting to Rs. 397.50 per warrant.

Impact on Share Capital

Following this allotment, Borosil Renewables' paid-up equity share capital has increased. The updated capital structure is as follows:

Particular	Value
New Paid-up Capital	Rs. 14,01,88,845
Number of Equity Shares	14,01,88,845
Face Value per Share	Re. 1

Key Points to Note

The newly allotted shares will rank pari-passu with the existing equity shares of the company.
This conversion represents only a portion of the total warrants initially issued.
The remaining warrant holders have 18 months from the date of allotment to exercise their conversion rights.

This corporate action demonstrates Borosil Renewables' ongoing efforts to strengthen its capital base and potentially fund its growth initiatives in the renewable energy sector.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.00%	-7.38%	-6.90%	-2.78%	-13.09%	+76.40%

Borosil Renewables Limited , a key player in the renewable energy sector, has successfully raised Rs. 371.49 crores through a preferential allotment of equity shares. The company has now restructured the utilization of these proceeds due to undersubscription by few proposed allottees.

Key Details of the Allotment

The preferential issue details remain as follows:

Parameter:	Details
Number of Shares:	69,43,691 equity shares
Issue Price:	Rs. 535 per share (Face value: Re. 1, Premium: Rs. 534)
Number of Investors:	78 non-promoter investors
Post-Allotment Share Capital:	Rs. 14,01,60,544

Restructuring of Proceeds Utilization

Due to undersubscription by few proposed allottees, the Board of Directors has approved a restructuring of the issue proceeds utilization:

Nature of Utilization:	Existing Utilization (Rs. in Crores)	Proposed Utilization (Rs. in Crores)
Capital Expenditure for expansion of solar glass manufacturing capacity at Bharuch, Gujarat facility:	317.34	317.34
General Corporate Purposes:	58.68	54.15
Total:	376.02	371.49

Investor Breakdown

The preferential allotment attracted a diverse group of investors:

Investor Name:	Shares Allotted	Post-Allotment Shareholding (%)
Niveshaay Hedgehogs Fund:	5,14,018	0.67
Abakkus Diversified Alpha Fund -2:	5,04,672	0.34
Dharmapal Satyapal Limited:	5,00,000	0.34
Nuvama Enhanced Dynamic Growth Equity (Edge) Fund:	4,67,289	0.32
Niveshaay Sambhav Fund:	2,33,644	0.30

Regulatory Compliance and Impact

Borosil Renewables has ensured full compliance with regulatory requirements. The allotment was approved by the Management Committee of the Board of Directors, with in-principle approvals obtained from both BSE Limited and the National Stock Exchange of India Limited. Following this allotment, the company's paid-up equity share capital has increased to Rs. 14,01,60,544, divided into 14,01,60,544 equity shares of Re. 1 each.

The restructuring reflects the company's adaptive approach to capital allocation while maintaining its focus on expanding solar glass manufacturing capacity at its Bharuch facility in Gujarat.