Indian solar glass manufacturer Borosil Renewables Limited (BRL) has announced it has successfully raised INR 200 crore through a Qualified Institutions Placement (Issue).
The company allotted 1,58,04,030 shares of INR 1 face value each at INR 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92%.
The issue opened on December 14 and closed on December 17, 2020.
Borosil Renewables plans to utilize the funds raised via the issue to meet its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tonnes per day (TPD) to 950 TPD.
Commenting on the QIP’s response, Pradeep Kheruka, Executive Chairman of Borosil Renewables Ltd, said, “We are overwhelmed with the response from the investors and thank them for showing confidence in the business and management team of Borosil Renewables. The funds raised through this QIP will help us undertake our planned expansion and we are excited to capitalize on the business opportunity that our industry offers.”
Borosil Renewables manufactures low-iron solar glass for application in photovoltaic panels, solar thermal flat-plate collectors and greenhouses and is the only solar glass manufacturer in India. It commissioned its first solar glass manufacturing facility at Bharuch in the Indian State of Gujarat. The company services India’s solar panel manufacturers while simultaneously exporting its products to Europe, Turkey, and North America.
The company earned INR 168.16 crore revenues in the first half of FY2020-21, recording a 65% growth over INR 101.72 crore earned in H1 FY2019-20. Profits after tax during the period jumped to INR 12.19 crore, a 547% growth YoY.
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