Borosil Renewables Limited (BRL) announced the successful completion of fund raising of Rs. 200 Cr through a Qualified Institutions Placement (Issue). The Securities Issue Committee of BRL approved opening of the Issue on December 14, 2020 and approved the closing of the Issue on 17th December 2020. BRL allotted 1,58,04,030 shares of face value of Re. 1 each at Rs. 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92%.
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 capitalise on the business opportunity that our industry offers.”
The funds raised via the Issue are planned to be utilized by BRL to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tons per day (TPD) to 950 TPD.
Axis Capital Ltd. acted as the sole Book Running Lead Manager to the Issue. Khaitan & Co. acted as the Indian legal counsel to the Issue.