Solar glass maker Borosil Renewables on Friday said it has raised Rs 200 crore by issuing 1.58 crore shares through qualified institutional placement. The issue opened on December 14, 2020, and closed on December 17, the company added.
Borosil Renewables Ltd (BRL) has successfully completed fundraising of Rs 200 crore through a qualified institutions placement (issue), a company statement said. BRL allotted 1,58,04,030 shares of the face value of rupee one each at Rs 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92 per cent.
"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," Pradeep Kheruka, Executive Chairman of BRL, said.
The funds raised will be utilised by BRL to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity -- from 450 tonnes 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 legal counsel. BRL is engaged in the manufacturing of low iron solar glass for application in photovoltaic panels, solar thermal flat plate collectors and greenhouses and is the only solar glass manufacturer in India.
The company commissioned its first solar glass manufacturing facility at Bharuch in Gujarat. It services India's solar panel manufacturers while simultaneously exporting its products to Europe, Turkey and North America. BRL has developed a manufacturing process that does not require the use of Antimony (Sb) - an environmental toxin - in solar glass and also has developed a fully tempered solar glass in 2 mm thickness.
In 2019, the company had expanded its glass capacity from 180 TPD to 450 TPD, which is equivalent to the production of 2.5 gigawatts of solar modules annually. The capacity will be now further expanded to 950 TPD.
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