Borosil Renewables surged 5.80% to Rs 568.90 after the securities issue committee of its board approved the proposal of raising of funds through issue of equity shares on rights issue basis for upto Rs 500 crore.
The company stated that the detailed terms of the rights issue including but not limited to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course by the aforesaid committee or the boardThe issue is subject to receipt of necessary statutory/regulatory approvals, as may be required.
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 consolidated net loss of Rs 15.55 crore in Q3 FY24 as compared with net profit of Rs 5.23 crore recorded in Q3 FY23. While revenue from operations jumped 34.29% to Rs 330.01 crore in Q3 FY24 from Rs 245.75 crore recorded in the corresponding quarter previous year.
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