Borosil Renewables Limited has submitted its Monitoring Agency Reports for the quarter ended September 30, 2026, to the BSE and NSE. Issued by ICRA Limited and CARE Ratings Limited, these reports confirm that the utilization of proceeds from preferential issues undertaken in February 2025 and October 2025 is in line with the stated objects of the issue. The company has taken these reports on record.
Monitoring Agency Reports Filed
Borosil Renewables Limited has formally submitted its Monitoring Agency Reports for the quarter concluding on September 30, 2026. These reports, addressed to the BSE Limited and the National Stock Exchange of India Ltd., provide an overview of the utilization of funds raised through the company’s preferential issues. The documents were dispatched on October 30, 2026.
Independent Verification of Fund Utilization
The reports have been issued by two independent monitoring agencies: ICRA Limited and CARE Ratings Limited. These agencies were appointed to oversee the utilization of proceeds from preferential issues that the company conducted in February 2025 and October 2025. Both agencies have confirmed that the use of these funds is consistent with the declared objectives of the issue.
Key Findings from Reports
- Deviation from Objects: Both ICRA Limited and CARE Ratings Limited have reported no deviation from the stated objects of the issue. The utilization of proceeds is confirmed to be in line with the company’s plans.
- ICRA Report Details: ICRA’s report specifically addresses the preferential issue of equity shares and warrants. It details the initial issue size, subsequent revisions due to undersubscription and forfeiture of warrants, and the net proceeds of INR 513.19 Crore. The report tracks the utilization of these proceeds towards various objects, including repayment of loans, satisfaction of liabilities related to a subsidiary (GMB), and capital expenditure for expanding solar glass manufacturing capacity. Unutilized proceeds have been deployed in money market instruments and fixed deposits.
- CARE Ratings Report Details: CARE Ratings Limited’s report pertains to a preferential issue of equity shares aggregating to Rs. 371.49 crore (lower than the issue size of Rs.376.02 crore due to undersubscription). This report also confirms that the utilization of funds is in line with the objects and that the company has taken steps to restructure the utilization of proceeds, including a revision in the cost of General Corporate Purposes to Rs. 54.15 crore.
Company’s Record
Borosil Renewables Limited has requested the stock exchanges to take these Monitoring Agency Reports on record. The company, through its Company Secretary & Compliance Officer, has formally acknowledged the submission of these crucial oversight documents.
Source: BSE
