Why Borosil Renewables Stock Surged To A Record High

Shares of Borosil Renewables ltd. surged to a record high after the solar glass maker announced its plans to raise funds through a qualified institutional placement.

The floor price of the QIP issue was set at Rs 133.19 apiece, a discount of 15.4% to Monday’s closing level of Rs 157.5, according to an exchange filing late on Monday. The company may, 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, the filing said, will meet again on Dec. 17 to determine the issue price of the QIP. The board in its Dec. 17 meeting will also consider and approve and capital infusion from the promoter or promoter group, in lieu of securities issued through a preferential allotment.

Separately, Borosil Renewables informed the bourses 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, the company said in a separate filing on Monday.

Shares of Borosil Renewables gained as much as 15.94% to Rs 182.6 apiece. That compares with a 0.74% drop in the Nifty 50.