Borosil Renewables board OKs raising Rs 500 cr

The Borosil Renewables board approved fund raising of up to Rs 500 crore through rights issue, preferential issue, or qualified institutions placement, or a combination of these methods. A securities issue committee meeting is scheduled for 1 March 2024, to finalize the mode of fund raising as approved by the board.

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.

The scrip rose 0.66% to Rs 540.35 on the BSE.

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