Borosil Renewables at new high

Borosil Renewables is today among the top five gainers on the BSE currently, going on to hit a new high at Rs.182.60, with a 3-times surge in volume.

The stock price has jumped up after the company announced its plans to raise funds through a qualified institutional placement (QIP).

The floor price of the QIP issue was set at Rs.133.16/share, a discount of over 15% to yesterday’s close.

The company said that, in accordance with the special resolution of the shareholders dated Sept. 28, 2020, at its discretion, offer a discount of not more than 5% on the floor price as permitted under SEBI guidelines.

The committee of directors will meet again on Dec. 17 to determine the issue price of the QIP. The board will also consider and approve and capital infusion from the promoter or promoter group, in lieu of securities issued through a preferential allotment.

The company also informed that the Directorate General of Trade Remedies of the Ministry of Commerce and Industry has issued final findings for the imposition of a countervailing duty of 9.71% of the cost insurance and freight value for a period of five years on the import of textured, tempered, coated or uncoated glass from Malaysia.

The duty will be effective after the issuance of final customs notification by the Ministry of Finance.