Borosil Renewables Raises Rs 200 Cr from Convergent Finance via QIP Issue

India’s first and only solar glass manufacturer Borosil Renewables Ltd (BRL) has successfully completed the fund raising of Rs 200 crore from Convergent Finance, through a Qualified Institutions Placement (QIP) issue.

December 18, 2020. By Manu Tayal

India’s first and only solar glass manufacturer Borosil Renewables Ltd (BRL) has successfully completed the fund raising of Rs 200 crore from Convergent Finance, through a Qualified Institutions Placement (QIP) issue.

Convergent Finance LLP is an investment advisor to Manchester-headquartered Infinity Investment Management.

Through QIP issue, the company has allotted 1,58,04,030 shares of face value of Re. 1 each at Rs 126.55 per share. Post the issue, the holding of promoter and promoter group will be 61.92 per cent.

Commenting on the QIP’s response, Pradeep Kheruka, Executive Chairman of Borosil Renewables Ltd, said that, “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.”

The Borosil Group company has planned to further utilize these funds to serve its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tons per day to 950 tons per day.

On this development, Shreevar Kheruka, Managing Director of Borosil Ltd thanked his company’s customers and employees on social platform, and said “this fund raise will enable the company to increase production of solar glass from 450 tons per day to 950 tons per day. I would like to thank everyone, especially our customers and employees, who could make this possible. The best is yet to come.”

“Borosil is leading the way towards a cleaner and greener India. Solar power provides a sustainable and environmentally friendly source to fuel India’s journey towards economic prosperity. India is strongly encouraging the development of a solar panel manufacturing ecosystem, and Borosil Renewables is the sole domestic manufacturer of the critical glass component. We are greatly looking forward to this partnership with Borosil and the Kheruka family,” said Harsha Raghavan, Managing Partner of Convergent.

Meanwhile, Axis Capital Ltd acted as the sole Book Running Lead Manager to the issue, while Khaitan & Co. acted as the Indian legal counsel to the Issue.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
Next events

 

Last interview
 
 
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.