Borosil Renewables Limited has released the Monitoring Agency Reports for the quarter ended March 31, 2026. These reports, prepared by ICRA Limited and CARE Ratings Limited, provide an objective view of the utilization of funds raised through the company’s recent preferential issues. Both agencies confirm that the utilization of issuance proceeds remains in line with the established objectives, despite some structural adjustments and market-driven challenges.
ICRA Monitoring Report Highlights
The report from ICRA Limited focuses on the preferential issue conducted in February 2025. As of March 31, 2026, the monitoring agency is tracking net proceeds of INR 235.14 crore. The company has successfully utilized funds toward the satisfaction of liabilities for its subsidiary, GMB Glasmanufaktur Brandenburg GmbH, and has made progress on capital expenditure for solar glass manufacturing expansion in Bharuch, Gujarat. The report confirms that there is no deviation in the objects of the issue.
CARE Ratings Monitoring Report Highlights
CARE Ratings Limited reviewed the preferential issue from October 2025, which raised INR 371.49 crore. The utilization of these funds is being directed toward capital expenditure for existing solar glass production capacity and general corporate purposes. Notably, the report highlights that INR 68.72 crore was spent on capital expenditure during the quarter, with INR 10 crore allocated to issue-related expenses. The report notes that funds were managed through the company’s cash credit account, and the agency has verified the utilization through management certifications and audit documentation.
Operational and Financial Context
Both agencies have acknowledged external developments regarding the company’s European step-down subsidiary, GMB Glasmanufaktur Brandenburg GmbH. Due to ongoing insolvency proceedings in Germany, the group has lost control over GMB and its subsidiary, Geosphere Glassworks GmbH. Despite these challenges, the company has maintained its focus on its primary domestic manufacturing expansion in Bharuch, which remains on schedule according to the monitoring agencies. The company continues to manage its unutilized proceeds through investments in liquid instruments, ensuring disciplined oversight of the remaining capital.
Source: BSE
