Borosil Renewables Shares Gain 8% After Board Nod For Rs 500-Crore Fundraise

Shares of Borosil Renewables Ltd. jumped nearly 8% on Friday after its board approved raising up to Rs 500 crore via issuance of shares on rights basis.

The fundraise is subject to receipt of necessary statutory/regulatory approvals, as may be required under applicable law, an exchange filing said.

Shares of the company jumped as much as 7.70%, its highest level since Feb. 21, before paring gains to trade 5.37% higher at 10:55 a.m. This compares to a 0.94% advance in the NSE Nifty 50.

The stock has risen 38% year-to-date. Total traded volume so far in the day stood at 1.29 times its 30-day average. The relative strength index was at 53.99.

The one analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data.