Borosil Renewables Restructures Rs. 371.49 Cr Preferential Issue Proceeds
Borosil Renewables has restructured the utilization of proceeds from its Rs. 371.49 crores preferential equity issue due to undersubscription by few proposed allottees. The company reduced allocation for general corporate purposes from Rs. 58.68 crores to Rs. 54.15 crores while maintaining Rs. 317.34 crores for expanding solar glass manufacturing capacity at its Bharuch, Gujarat facility.
*this image is generated using AI for illustrative purposes only.
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.
Historical Stock Returns for Borosil Renewables
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.88% | -2.31% | -5.73% | -13.33% | -35.78% | 0.0% |
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