Borosil Ltd witnessed a more than 4% increase in its share price on June 25, following the announcement that its board has approved a Qualified Institution Placement (QIP) at a floor price of Rs 331.75 per share. The company aims to raise up to Rs 250 crore through this issuance, as detailed in its exchange filing.
According to Borosil’s statement to the stock exchange, the board meeting held on June 24, 2024, also included approval and authorization for the opening of the issue on the same day, adoption of the preliminary placement document dated June 24, 2024, and approval of the aforementioned floor price per equity share, based on SEBI ICDR Regulations.
Earlier this year, in January, Borosil’s board had approved a similar fund-raising initiative to the tune of Rs 250 crore via QIP.
Borosil Limited is renowned for manufacturing laboratory glassware and microwaveable kitchenware, distributing its products through over 15,000 retail outlets and operating three manufacturing facilities. The company’s products, including microwaveable glassware and flameproof kitchenware, are distributed in more than 70 countries.
At 11:57 am, Borosil shares were trading 3.7% higher at Rs 357.55 apiece on the NSE. While the stock has gained over 5% year-to-date with today’s spike, it has seen a decline of 16% over the last one year, underperforming the benchmark Nifty 50 index, which surged 25% during the same period.
Disclaimer: The opinions and investment advice mentioned above are those of independent analysts. Readers are advised to consult certified financial advisors before making investment decisions.
