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Shares of Borosil Renewables surged 13 per cent to Rs 189, also its fresh record high on the BSE on Monday, after the company announced the successful completion of fund raising of Rs 200 crore through a qualified institutions placement (QIP). The company allotted 15.8 million equity shares of face value of Re 1 each at Rs 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92 per cent, Borosil Renewables said in a press release. The funds raised through this QIP will help to undertake planned expansion and the company is excited to capitalise on the business opportunity that industry offers, it said. The company further said that the funds raised via the Issue are planned to be utilized to service its capital expenditure requirements for a brownfield expansion to more than double its solar glass production capacity from 450 tons per day (TPD) to 950 TPD. ....
Shares of Borosil Renewables, formerly known as Borosil Glass Works, surged 16 per cent on Tuesday and hit a fresh record high of Rs 182.60 on the BSE in an otherwise subdued market. In the past two trading days, the stock of the houseware manufacturer has zoomed 39 per cent as the government is set to levy duty at 9.71 per cent on textured tempered coated or uncoated glass imports (of which the company is the sole manufacturer in India) from Malaysia. Pursuant to application made by Gujarat Borosil Limited (Company amalgamated with our Company ie. Borosil Renewables Limited, under a Composite Scheme approved by NCLT) to the Directorate General of Trade Remedies, Ministry of Commerce & Industry, Government of India, for imposition of Countervailing Duty on imports from Malaysia of Textured Tempered Coated or Uncoated Glass (of which the Company is the sole manufacturer in India). The designated authority has, vide their letter dated December 11, 2020, issued final fin ....
Government of India to levy duty @ 9.71% on Textured Tempered Coated or Uncoated Glass imports from Malaysia Posted On: 2020-12-14 03:58:04 (Time Zone: Arizona, USA) Pursuant to application made by Gujarat Borosil Limited (Company amalgamated with the Company ie. Borosil Renewables Limited (Formerly Borosil Glass Works Limited), under a Composite Scheme approved by NCLT) to the Directorate General of Trade Remedies, Ministry of Commerce & Industry, Government of India, for imposition of Countervailing Duty on imports from Malaysia of Textured Tempered Coated or Uncoated Glass (of which the Company is the sole manufacturer in India), the said Designated Authority has vide their letter dated December 11, 2020 issued Final Findings for imposition of Countervailing duty @ 9.71% of CIF value for a period of 5 years. The duty will be effective after the issuance of final customs notification by Ministry of Finance, Government of India in this regard in due course. ....