BOROSIL RENEWABLES LIMITED — Others, 18-12-2024: Amendment to AOA/MOA

Borosil Renewables Limited's Board has approved a temporary cooldown of the furnace at its subsidiary GMB, responding to declining demand in the solar glass market, exacerbated by the influx of cheaper imports. This measure aims to reduce cash losses while maintaining minimal operations for existing orders. The company has also greenlit a 500 TPD capacity expansion at its Bharuch facility, following positive developments surrounding new import duties, with a revised capex of Rs. 675 crore. Additionally, the proposed Rights Issue has been withdrawn in favor of a preferential equity raise of up to Rs. 600 crore and the issuance of 18,86,793 equity shares to promoters. An extraordinary general meeting is set for January 9, 2025, to seek shareholder approvals. This strategic pivot may enhance investor sentiment, aligning with potential growth in domestic solar manufacturing.