BORORENEW · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Two Monitoring Agency Reports (by ICRA and CARE Ratings) covering two separate preferential issues. The February 2025 issue (Rs 517.66 crore) was fully subscribed but reduced from original Rs 700 crore due to ineligibility of allottees and under-subscription. Rs 185 crore was used to satisfy a standby letter of credit for GMB Glasmanufaktur Brandenburg GmbH (step-down subsidiary in Germany); however, GMB filed for insolvency in July 2025, causing the Group to lose control. The capital expenditure for solar glass expansion at Bharuch, Gujarat is ongoing with Rs 50.14 crore utilised so far. The October 2025 issue raised Rs 371.49 crore (undersubscribed from Rs 376.02 crore); Rs 78.72 crore has been deployed towards capex and issue expenses, leaving Rs 292.77 crore invested in money market mutual funds. CARE Ratings flagged a concern about funds being routed through a cash credit account instead of a dedicated monitoring account, creating commingling and tracking difficulty.
The insolvency of the German subsidiary GMB raises concerns about the utilization of Rs 185 crore deployed for that purpose and the overall risk profile of the company. The CARE report's flagging of fund commingling also warrants attention as it affects transparency in tracking issue proceeds. Shareholders should monitor the Bharuch expansion closely given the significant unutilised funds.