BOROSIL RENEWABLES LIMITED — QIP/Rights/Pref., 18-12-2024: Preferential issue

Borosil Renewables Limited's board has approved the temporary cooldown of its furnace at GMB Glasmanufaktur Brandenburg GmbH due to reduced solar glass demand, with production resuming once conditions stabilize. In light of favorable market developments, the board has revived capital expenditure plans, approving a production capacity expansion of 500 TPD at an estimated cost of Rs. 675 crore.

Additionally, the proposed Rights Issue of equity shares amounting to Rs. 450 crore has been withdrawn in favor of a preferential issue. Up to 1,13,20,754 warrants will be issued to non-promoter investors at Rs. 530 each, aggregating approximately Rs. 600 crore. The issue also includes up to 18,86,793 equity shares to the promoter group at the same price, totaling around Rs. 100 crore. An extraordinary general meeting is scheduled for January 9, 2025, for shareholder approvals.