Borosil Renewables Limited on Monday has decided to raise funds by way of issue of Equity Shares through Qualified Institutional Placement (QIP).
The Securities Issue Committee of the company also approved Floor price of Rs133.19 per equity share is a 15% discount to Monday’s closing price (Rs157.90 on the BSE).
The company stock took flight in Tuesday's trade. At around 11.40 am, Borosil Renewables Ltd was trading at Rs178.95 per piece up by Rs21.05 or 13.33% from its previous closing of Rs157.90 on the BSE.
Meanwhile in other exchange filing on Monday the company said that pursuant to application made by Gujarat Borosil Limited to the Directorate General of Trade Remedies, Ministry of Commerce & Industry, Government of India, for imposition of Countervailing Duty on imports from Malaysia of “Textured Tempered Coated or Uncoated Glass” (of which the company is the sole manufacturer in India), the said Designated Authority has vide their letter dated December 11, 2020 issued Final Findings for imposition of Countervailing duty @ 9.71% of CIF value for a period of five years.
“The duty will be effective after the issuance of final customs notification by Ministry of Finance, Government of India in this regard in due course,” company said.
Gujarat Borosil amalgamated with Borosil Renewables Limited, under a Composite Scheme approved by NCLT.