Borosil announces QIP at floor price of Rs 331.75 per share

Borosil announces QIP at floor price of Rs 331.75 per share

Borosil Ltd on June 24 said its board approved Qualified Institution Placement (QIP) at floor price of Rs 331.75 per share.

"The Board has at its meeting held today, i.e., June 24, 2024, inter-alia, considered the following: 1. Approved and authorised the opening of the Issue today, i.e. June 24, 2024; 2. Approved and adopted the preliminary placement document dated June 24, 2024; and 3. Approved the floor price for the Issue, being Rs. 331.75 per equity share based on the pricing formula as prescribed under SEBI ICDR Regulations," said Borosil in a stock exchange filing.

On June 24, Borosil's shares closed trading 2 percent higher at Rs 347.6 apiece.

In January 2024, the company's board approved raising funds aggregating up to Rs 250 crore via QIP.

Borosil Limited manufactures laboratory glassware and microwavable kitchenware. The company sells and markets microwavable and flameproof kitchenware and glass tumblers through more than 15,000 retail outlets, and has three manufacturing facilities.

The Company’s Consumer Products segment marks for 72% of company revenue which includes microwaveable glassware products, glass tumblers, storage containers, stainless steel cookware, opal dining ware, kitchen appliances, lunch boxes, and stainless-steel flasks. In the Microwaveable glassware segment, the company has been a market leader with over 60% market share.

The company has 4 manufacturing facilities whose products are sold and distributed in 70+ countries.