BOROSIL RENEWABLES LIMITED — Important, 28-03-2025: Updates

Borosil Renewables Limited has honored its obligations under standby letters of credit (SBLC) for its step-down subsidiary GMB Glasmanufaktur Brandenburg GmbH amid ongoing challenges in the European solar module market. The company made a payment of EUR 10.8 million to HDFC Bank to settle outstanding loan amounts for GMB. This follows a previous payment of EUR 10.2 million made under a SBLC from HSBC, indicating GMB's persistent weak business outlook due to declining demand and production issues. With these payments, Borosil has become the creditor to GMB for these amounts. Investors should monitor GMB's recovery prospects, particularly in light of potential policy support for the German solar industry, which could present both risks and opportunities for Borosil's financial health moving forward.