BOROSIL RENEWABLES LIMITED — Important, 13-03-2025: Updates

Borosil Renewables Limited is addressing its financial obligations related to standby letters of credit (SBLCs) totaling EUR 10.2 million, issued for the benefit of its step-down subsidiary, GMB Glasmanufaktur Brandenburg GmbH. GMB has encountered significant challenges due to declining demand in the solar photovoltaic market stemming from a substantial decrease in European production, largely influenced by the influx of competitively priced solar modules from China. Consequently, GMB has temporarily suspended its operations and requested an adjustment to its loan repayment schedule.

In response to the situation, the company has honored its obligations by funding the repayment amount of EUR 10.2 million to the lender bank. This payment has resulted in Borosil becoming the creditor to GMB for the equivalent sum. The company remains optimistic about GMB's future prospects, pending a favorable shift in market conditions and potential government policies aimed at revitalizing the German industrial sector. Shareholders should monitor developments closely, as the dynamics in the solar market could lead to both risks and opportunities.