Borosil Renewables has received Monitoring Agency Reports from ICRA Limited and CARE Ratings Limited for the quarter ending December 31, 2025. The reports pertain to the utilization of funds raised through preferential issues in February 2025 and October 2025. ICRA’s report notes the issue size was revised to INR 517.66 Crore due to undersubscription.
ICRA Report Highlights
ICRA Limited’s report indicates that the utilization of issuance proceeds aligns with the stated objectives. The preferential issue size was initially reduced to INR 697.56 Crore due to the ineligibility of some proposed allottees for warrants, and further reduced to INR 517.66 Crore due to undersubscription. As of December 31, 2025, the Net Proceeds account had a balance of INR 235.14 Crore. The unutilized amount has been invested in money market instruments.
Key Project Details from ICRA
Of the initial plans, the following adjustments were noted:
- Repayment/prepayment of loans availed by company reduced from INR 15.00 Crore to Nil.
- Expenditure related to the standby letter of credit remained at INR 185.00 Crore.
- Capital Expenditure for expansion adjusted to INR 332.66 Crore (originally INR 375.00 Crore).
- General Corporate Purpose adjusted to Nil (originally INR 125.00 Crore).
CARE Ratings Report Overview
CARE Ratings Limited also issued a Monitoring Agency Report. They reported that the amount raised was Rs.371.49 crore, lower than the initial issue size of Rs.376.02 crore due to undersubscription. There was no utilization of proceeds during the quarter, and funds were parked in money market mutual funds.
CARE Ratings’ Fund Allocation Deviation
CARE Ratings also noted a deviation of 8% in the allocation of funds towards General Corporate Purpose due to undersubscription. Specifically, INR 125.00 Cr was originally allotted, now lowered to INR 54.15 Cr due to the issue’s undersubscription. Remaining amounts have been invested in mutual funds, with funds allocated as follows:
- Kotak Money Market Fund: INR 125.00 Cr
- Aditya Birla Sun Life Money Manager Fund: INR 89.10 Cr
- HDFC Money Market Fund: INR 90.66 Cr
- ICICI Prudential Money Market Fund: INR 66.73 Cr
Source: BSE
