Borosil Ltd, a leading manufacturer of laboratory glassware and consumer kitchenware, announced a significant step towards bolstering its financial resources today. The company’s board of directors approved the launch of a Qualified Institution Placement (QIP) to raise up to ₹250 crore.
The board meeting on June 24, 2024, saw critical decisions regarding the QIP. First, they authorised the immediate opening of the QIP offering. Second, the board adopted a preliminary placement document outlining the details of the offering, also dated June 24, 2024. Finally, a floor price of ₹331.75 per equity share was established, adhering to the pricing formula mandated by SEBI ICDR Regulations.
This QIP initiative follows the company’s board approval in January 2024 to raise funds of up to ₹250 crore. The fresh capital injection will fuel Borosil’s ongoing growth initiatives and strategic objectives.
Borosil Ltd is a name synonymous with quality glassware in India. The company boasts a robust presence in both the laboratory and consumer kitchenware segments. In the laboratory glassware domain, Borosil is a trusted supplier, catering to the diverse needs of research institutions and scientific laboratories.
Borosil’s consumer products segment is a significant driver of the company’s success, contributing a remarkable 72% to its overall revenue. This segment encompasses an extensive range of products, including microwavable glassware items, glass tumblers, storage containers, stainless steel cookware, opal ware for dining, kitchen appliances, lunch boxes, and even stainless steel flasks. Within the microwaveable glassware segment, Borosil maintains a dominant market share exceeding 60%.
Borosil’s commitment to quality and innovation has translated into a flourishing international presence. The company operates four state-of-the-art manufacturing facilities in India, producing a comprehensive line of glassware solutions. Borosil’s products are not only popular in the domestic market but are also exported and distributed across more than 70 countries worldwide.
The launch of the QIP offering signifies Borosil’s strategic approach to growth. The capital raised will empower the company to pursue new opportunities, invest in product development, and solidify its position as a leader in the global glassware market.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jun 25, 2024, 2:59 PM IST
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