Monitoring Agency Report for the quarter ended March 31, 3025
BORORENEW · price
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Awaiting price reaction for this filing.
Borosil Renewables had originally planned a preferential issue of ₹700 crore (equity + warrants), but the size was revised down to ₹517.66 crore after two proposed allottees were found ineligible for warrants and the issue was undersubscribed. The final issue (closed February 13, 2025) consisted of 18.86 lakh equity shares and 78.80 lakh warrants, both priced at ₹530 each. Of the ₹517.66 crore net proceeds, ₹185 crore has already been used to settle the standby letter of credit (SBLC) liability for its step-down subsidiary GMB Glasmanufaktur Brandenburg GmbH in Germany. The remaining ~₹332.66 crore is earmarked for solar glass capacity expansion at Bharuch, Gujarat, with ₹19.42 crore temporarily parked in mutual funds. ICRA confirmed no deviation from stated objects, and both projects are on schedule as of March 31, 2025.
The downsizing of the preferential issue from ₹700 crore to ₹517.66 crore is mildly negative, as the loan repayment (₹15 crore) and general corporate purpose (₹125 crore) objects were dropped, and the capex budget for Bharuch expansion was trimmed. However, the core use of funds — German subsidiary SBLC settlement and Indian solar glass capex — is proceeding on track, with no red flags from the monitoring agency.