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Borosil Board Charts Aggressive Fundraising Course, Aims Up to ₹500 Crore for Expansion and Growth

Updated: May 14, 2025 11:23

Image Source: Moneylife
Borosil Renewables Ltd is preparing for a strategic fund-raising exercise as its board invites shareholder approval for raising up to ₹500 crore by availing different financial instruments. The action follows a robust operating quarter for the company, which has trimmed its net loss and posted healthy revenue growth.
 
Major Highlights:
  • Fund Raising Proposal: The board approved a proposal to approach shareholders for permission to raise up to ₹500 crore through various modes such as preferential issues, convertible warrants, and equity shares. The facilitating resolution will be proposed at the coming annual general meeting, authorizing the board to undertake fundraising as required to fund growth and working capital needs.
  • Financial Turnaround: Borosil Renewables had a consolidated net loss of ₹29.52 crore for the quarter ended March, much better than the ₹53.32 crore loss during the corresponding quarter last year. Total income jumped to ₹385.44 crore from ₹287.83 crore, driven by increased sales and operational efficiencies.
  • Expansion and Market Strategy: The firm is aggressively seeking a ₹675 crore expansion scheme in India with the objective of increasing solar glass manufacturing capacity. This comes in the wake of the imposition of import tariffs on solar glass, which has compelled Borosil to ramp up local production and minimize dependence on imports.
  • Leadership Update: Ashok Jain's shift from whole-time director to non-executive director post-July 31, 2025, was also approved by the board in appreciation of his invaluable services and providing for ongoing strategic direction.
  • Shareholder Engagement: An Extraordinary General Meeting has been planned to approve these proposals, including the alteration of the Articles of Association to allow for convertible securities issuance.
Borosil's aggressive fundraising and expansion strategy indicates a growth path resurgence as the company adjusts to shifting market realities and regulatory adjustments.
 
Sources: The Week, Devdiscourse, SolarQuarter

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