Borosil Renewables surges 13% on successfully raising Rs 200 crore via QIP

The funds raised are planned to be utilized to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity to 950 tons per day

Shares of Borosil Renewables surged 13 per cent to Rs 189, also its fresh record high on the BSE on Monday, after the company announced the successful completion of fund raising of Rs 200 crore through a qualified institutions placement (QIP).

The company allotted 15.8 million equity shares of face value of Re 1 each at Rs 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92 per cent, Borosil Renewables said in a press release.

The funds raised through this QIP will help to undertake planned expansion and the company