Borosil Renewables Limited has informed the stock exchanges about key decisions taken by its Board of Directors concerning the cancellation of warrants and the restructuring of the utilization of issue proceeds.
The Board approved the cancellation of 1,12,578 warrants that were allotted on a preferential basis on February 14, 2025. The warrants could not be converted into equity shares as the holders failed to pay the balance amount required for conversion within the prescribed timeframe.
As a result, the company has forfeited the upfront subscription money of Rs. 49,16,585 paid by the warrant holders at the time of allotment. Following the forfeiture, all the affected warrants stand cancelled and will no longer be eligible for conversion into equity shares.
The cancellation has also resulted in a revision in the proposed utilization of the issue proceeds. Borosil Renewables had initially planned to utilize Rs. 185 crore toward meeting its liability arising from a standby letter of credit (SBLC) provided as security to lenders of GMB Glasmanufaktur Brandenburg GmbH, a step-down subsidiary. This allocation remains unchanged, with the entire Rs. 185 crore already utilized as of June 30, 2026.
The company has, however, revised the allocation for capital expenditure related to the expansion of solar glass manufacturing capacity at its Bharuch facility in Gujarat. The proposed allocation has been reduced from Rs. 332.66 crore to Rs. 328.19 crore. Of the revised amount, Rs. 50.14 crore had been utilized as of June 30, 2026.
Consequently, the total proposed utilization of issue proceeds across the two categories has been revised from Rs. 517.66 crore to Rs. 513.19 crore.
The official communication was issued on August 14, 2026, and was signed by the Company Secretary and Compliance Officer of Borosil Renewables Limited.
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