Borosil Renewables spurts on launching QIP issue

Borosil Renewables jumped 6.11% to Rs 167.55 after the company launched a qualified institutional placement (QIP) on Monday (14 December 2020) to raise funds from institutional investors.

The securities issue committee of the board, at its meeting held on 14 December 2020, authorised the opening of the QIP issue and approved the floor price of Rs 133.19 per equity share, the company said in a regulatory filing. The floor price is at a 15.65% discount to Monday's closing price of Rs 157.90 per share.

A meeting of the board's securities issue committee is scheduled to be held on 17 December 2020 to consider and approve the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP, the company said.

On 17 December 2020, the company's board will also consider issue of securities (equity shares and instruments convertible or exchangeable into equity shares) to P. K. Kheruka, the promoter of the company, through a preferential allotment. The value of the securities issued would not exceed Rs 25 crore.

Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and low iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.

The company reported a net profit of Rs 14.06 crore in Q2 FY21 as against net loss of Rs 2.17 crore in Q2 FY20. Net sales during the quarter zoomed 97% YoY to Rs 114.09 crore.

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