Borosil announced the completion of fundraising Rs 149.99 crore through a qualified institutional placement (QIP) route.
The company has allotted 47,16,981 equity shares to qualified institutional investors, including DSP Small Cap Fund, Societe Generale - ODI, Mauryan First, Morgan Stanley Asia (Singapore) PTE ODI, Morgan Stanley Asia (Singapore) PTE and Quantum-State Investment Fund, aggregating to Rs 149.99 crore.The company opened QIP on 24 June 2024 and it closed on 25 June 2024. The board was approved the allotment of 47,16,981 equity shares to eligible qualified institutional buyers at the issue price of Rs 318 per equity share, at a premium of Rs 317 per equity share which takes into account a discount of 4.14% to the floor price of Rs 331.75 per equity share, aggregating to approximately Rs 149,99,99,958.
The paid-up equity share capital of the company has now increased from Rs 11.45 crore to Rs 11.92 crore, comprising of the same value of equity shares of Rs 1 each.
Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and low-iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.
The company reported a net loss of Rs 53.32 crore as against Rs 10.50 crore in Q4 FY24 over Q4 FY23. Revenue from operations fell 8.39% to Rs 283.11 crore in Q4 FY24.
The scrip rose 0.55% to currently trade at Rs 348.05 on the BSE.
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