BOROSIL RENEWABLES LIMITED — Others, 23-07-2025: Monitoring Agency Report

Borosil Renewables Limited's Monitoring Agency Report for Q1FY26 details the utilization of its preferential issue proceeds. The issue size was adjusted from INR 700 Crore to INR 517.66 Crore due to under-subscription. The company utilized INR 185 Crore to address liabilities of its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH. However, GMB has since filed for insolvency due to demand and liquidity concerns. The remaining proceeds, totaling INR 332.66 Crore, are earmarked for expanding solar glass production capacity in Bharuch. Currently, INR 42.63 Crore of unutilized proceeds are invested, reflecting partial payments received from warrants.