Borosil Renewables hits the roof

Borosil Renewables, which had closed yesterday at Rs.293.70, it opened today higher at Rs.299 and soon went on to hit the 5% UC of the day at Rs.308.30. Its 52-week high currently stands at Rs.349.35.

The stock price hit the roof as the company announced that its Board approved a resolution for raising up to Rs.500 crore in fresh capital.

The funds could be raised either through a public offer, rights issue, issuance of American or global depository receipts, issuance of foreign currency convertible bonds, qualified institutional placement or a preferential issue or through a combination of these methods.