On 2 December 2023, Borosil announced the scheme of arrangement amongst Borosil and Klass Pack and Borosil Technologies.
Pursuant to the scheme, the companys Scientific and Industrial Products Business demerged into Klass Pack, Borosil Technologies amalgamated into Klass Pack and ceased as a subsidiary of the company further, Klass Pack as well as Goel Scientific Glass Works also ceased as subsidiaries of the company.
Furthermore, the company renamed klass Pack as Borosil Scientific.
As per demerger ratio, the eligible shareholders of Borosil received 3 equity shares of Rs 1 each of Klass Pack for every 4 equity shares of Rs 1 each of Borosil.
The demerger allows the shareholders to own shares in both businesses, providing them with opportunities to benefit from each companys operations and growth prospects.
This restructuring has led to the formation of Borosil Scientific, which now encompasses a comprehensive portfolio including laboratory instrumentation, pharmaceutical primary packaging, process systems, along with laboratory glassware and consumables. The demerger aims to sharpen the focus on the scientific division, allowing for enhanced operational efficiency and targeted growth in the global market.
Vinayak Patankar, Whole-time Director and Chief Executive Officer of Borosil Scientific, said, This restructuring will enable us to attract business-specific investors and strategic partners, providing greater flexibility in accessing capital and fostering focused strategies for sustained growth. We are actively expanding our presence in the pharmaceutical industry, and our brand value has received widespread recognition across the country and globally.
Borosil Scientific now comprises of four business divisions Laboratory Glassware & Consumables, a comprehensive range of laboratory instruments under the brand Labquest, primary packaging glass vials and ampoules for the pharmaceutical industry and Glass Process System for laboratory as well as industrial applications.
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