Borosil Glass gallops after liberal bonus issue

Borosil Glass Works jumped 13.23% to Rs 998.90 at 09:27 IST on BSE after the company's board of directors approved issue of three bonus shares for every share held.

The announcement was made after market hours yesterday, 18 June 2018.

Meanwhile, the S&P BSE Sensex was down 140.96 points or 0.4% at 35,407.30.

On the BSE, 47,000 shares were traded on the counter so far as against the average daily volumes of 10,000 shares in the past two weeks. The stock had hit a high of Rs 1,058.60 and a low of Rs 990 so far during the day. The stock had hit a record high of Rs 1,125 on 17 January 2018 and a 52-week low of Rs 761.60 on 6 June 2018.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Re 1.

Borosil Glass Works' board of directors approved a composite scheme of amalgamation and arrangement which provides for amalgamation of Vyline Glass Works (VGWL), Fennel Investment and Finance (FIFPL) and Gujarat Borosil (GBL) with Borosil Glass Works (BGWL). BGWL will be renamed as Borosil Renewables or any other name as approved by Registrar of Companies (ROC).

The board of directors also approved demerger of Scientific and Industrial products and Consumer products business of BGWL along with the existing business of VGWL vested in BGWL pursuant to amalgamation of VGWL with BGWL (the Demerged Undertaking) into Hopewell Tableware (HTPL - a wholly owned subsidiary of BGWL) - HTPL will be renamed as Borosil or any other name as approved by ROC.

Borosil Glass Works' net profit rose 65.88% to Rs 14.78 crore on 16.25% growth in net sales to Rs 87.50 crore in Q4 March 2018 over Q4 March 2017.

Borosil Glass Works is a holding company, which manufactures scientific ware items and consumer ware items.

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