Borosil shares surge up to 6% as QIP issue opens to raise ₹250 crore

Shares of leading glassware maker Borosil Ltd surged up to 6% on Tuesday as its ₹250 crore qualified institutions placement (QIP) issue has opened for subscription.

Borosil Ltd. has fixed the floor price at ₹331.75 per share for the QIP issue, which is lower than Monday’s closing price of ₹344.90.

The company has launched the QIP issue to raise around ₹250 crore from qualified institutional players. The board, in its meeting on Monday, June 24, approved the opening of the issue and the floor price at ₹331.75 per equity share.

In a filing, Borosil Ltd said that the company may offer a discount of not more than 5% on the floor price calculated for the issue at its discretion. “The issue price will be determined by the company in consultation with the lead manager appointed for the issue,” it stated.

The board approved a proposal to raise an aggregate amount not exceeding ₹250 crore through qualified institution placement on January 24, 2024.

Borosil shares soar over 6% in early trade

Borosil shares surged by 6.66% to hit a high of ₹367.90 on the NSE in morning deals. More than 4 lakh shares of the company changed hands on the exchange.

The stock was trading 3.84% up at ₹358.15 on the NSE at 9.55 AM. Borosil shares are trading around 25% down from the 52-week highs hit in August 2023. However, the stock has recovered around 28% from its 52-week low of ₹285.25 hit on June 4, 2024.

Borosil shares have given returns of around 5% in 2024 so far.

Borosil is a leading manufacturer of laboratory glassware and microwavable kitchenware. Borosil has four manufacturing facilities and its products – microwavable and flameproof kitchenware and glass tumblers – are sold in more than 70 countries.