Borosil Renewables Limited has announced the forfeiture of 1,12,578 warrants, initially allotted on February 14, 2025, due to non-payment of the balance amount. The company will retain the upfront subscription money of ₹14,916,585. Consequently, the Board approved a restructuring of the utilization of issue proceeds, slightly reducing the capital expenditure allocation for its solar glass manufacturing facility in Bharuch.
Warrant Forfeiture and Fund Restructuring
Borosil Renewables Limited has officially communicated the forfeiture of 1,12,578 warrants that were convertible into equity shares. These warrants were originally allotted on a preferential basis on February 14, 2025. The forfeiture is a result of the allottees failing to pay the balance amount required for the conversion within the stipulated period.
Retention of Subscription Money
As a consequence of the forfeiture, the company will retain the upfront warrant subscription money amounting to ₹14,916,585, paid by the warrant holders at the time of allotment. This action is in accordance with the terms and conditions of the warrant issue.
Restructuring of Issue Proceeds Utilization
The Board of Directors has also approved a revised plan for the utilization of the issue proceeds. While the utilization for satisfying liabilities related to a standby letter of credit remains unchanged at ₹185.00 Crores, the capital expenditure for expanding the company’s solar glass production capacity at its facility in Bharuch, Gujarat, has been adjusted. The existing utilization was ₹332.66 Crores, and the proposed utilization is now ₹328.19 Crores, reflecting a slight decrease of ₹4.47 Crores in this allocation.
Total Utilized Amount: The total amount utilized as of June 30, 2026, stands at ₹517.66 Crores (Existing) and is proposed to be ₹513.19 Crores (Proposed).
Source: BSE
