BOROSIL RENEWABLES LIMITED has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on August 14, 2025
BORORENEW · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Borosil Renewables has issued a corrigendum to its EGM notice, slightly trimming the size of a proposed preferential share issue. Four proposed allottees — Mr. Yaman Shailesh Shah, Mr. Abhishek Jain, Mr. Raviendra Manchala and Mr. Santosh Kumar Sinha — have been removed: three were found to have sold shares during the 90 trading days before the relevant date (making them ineligible under SEBI rules), and one did not furnish complete information required by the stock exchanges. As a result, the number of shares to be issued has been cut from 70,93,874 to 70,28,456, and the fund raise reduced from Rs. 379.52 crores to Rs. 376.02 crores, while the issue price stays at Rs. 535 per share. The EGM is scheduled for August 14, 2025 at 5:00 p.m. via video conferencing. The proceeds will fund expansion of solar glass production capacity in Bharuch, Gujarat (Rs. 317.34 crores) and general corporate purposes (Rs. 58.68 crores). After the issue, public shareholding will rise from 38.14% to 44.09% and promoter holding will fall from 61.86% to 55.91%.
The reduction in issue size is small and driven by regulatory eligibility of certain allottees rather than a change in company plans, so the impact on shareholders is limited. Existing shareholders face slightly less dilution than originally proposed, and the stock is unlikely to see significant reaction since the fundraise intent and pricing remain unchanged.