BOROSIL RENEWABLES LIMITED — Board Meeting, 18-12-2024: Outcome of Board Meeting

The Board of Directors of Borosil Renewables Limited has approved several critical measures. The company will temporarily cool down the furnace at its subsidiary GMB Glasmanufaktur Brandenburg GmbH due to declining demand for solar glass, while maintaining cold end operations. Additionally, the board has decided to expand production capacity by 500 TPD at an estimated cost of ₹675 Cr, revising an earlier capex plan. The proposed rights issue of ₹450 Cr has been withdrawn in favor of a preferential issue of up to ₹600 Cr through warrants and an issue of ₹100 Cr in equity shares to promoters. An Extraordinary General Meeting is planned for January 9, 2025, to seek shareholder approvals on these matters.