Gujarat’s Borosil Renewables Raises Rs 200 Crore via QIP

Borosil Renewables has raised Rs 200 crore by issuing 1.58 crore shares through qualified institutional placement (QIP)

India’s first and only solar glass manufacturer Borosil Renewables Ltd (BLR) has raised Rs 200 crore by issuing 1.58 crore shares through qualified institutional placement (QIP).

As per the company’s statement, BRL has successfully completed fundraising of Rs 200 crore through a qualified institutions placement (issue). 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 percent.

Pradeep Kheruka, Executive Chairman of BRL said that he is overwhelmed with the response and the funds raised will be helpful to undertake their planned expansion.

“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,” he said.

The funds will be utilised to service the capital expenditure requirements of BRL for a brownfield expansion to more than double its solar glass production capacity from 450 tonnes per day (TPD) to 950 TPD.

Borosil Renewables Limited is a part of the well-known Borosil group who are pioneers in specialty glass products. BRL is engaged in the manufacturing of low iron solar glass for application in photovoltaic panels and solar thermal flat plate collectors. The company spotted the opportunity in this segment quite early and commissioned the solar glass manufacturing facility at Bharuch, Gujarat in 2010.

BLR is known for its pioneering achievements of developing the world’s first fully tempered 2 mm thick solar glass, solar glass with the lowest iron content giving the highest glass efficiency, and successful removal of the most hazardous substance “Antimony” from its solar glass.

Very recently BLR has launched new products like Selene, which is an anti-glare solar glass suitable for PV installations near airports, and Shakti a high-efficiency solar glass in the matt-matt finish.