Why Borosil Renewables Stock Accelerated To A Record High

Shares of Borosil Renewables Ltd. rose to a record high after the solar glassmaker announced its plans to raise funds through qualified institutional placement.

The floor price of the QIP edition was set at 133.19 rupees, a discount of 15.4% to Monday’s closing level of 157.5 rupees, according to an exchange presented late Monday. The company may, in accordance with the special resolution of the shareholders dated September 28, 2020 at its discretion, offer a discount of not more than 5% on the floor price as allowed according to SEBI guidelines.

The board of directors, the recording said, will meet again on Dec. 17 to determine the issue price of the QIP. The board at its December 17 meeting will also consider and approve and capital flow of the promoter or promoter group, rather than securities issued by preferred grant.

In particular, Borosil Renewables informed the courses that the General Directorate of Commercial Resources of the Ministry of Trade and Industry has published final results for the imposition of a compensation tax of 9.71% of the cost insurance and charge value for a period of five years on the import of textured, tempered, coated or uncoated glass from Malaysia.

The tax will take effect after the issuance of a final customs notice 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 per piece. That compares to a 0.74% drop in the Nifty 50.