“We would further like to inform you that the Management Committee has fixed the ‘relevant date’ for the purpose of the issue, as per Regulation 171(b) of the SEBI ICDR Regulations, as June 24, 2024, and, therefore, the price floor. in respect of issue on the basis of pricing formula prescribed under Regulation 176 (1) of SEBI ICDR Regulations is ₹331.75 per equity share,” Borosil said in a regulatory filing.
This move aligns with the company’s earlier resolution to raise funds up to ₹250 crore through this route, as approved in a meeting held on January 24, 2024, and subsequently ratified by shareholders in a resolution special on February 20, 2024.
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The Management Committee of the Borosil Board of Directors also approved the preliminary placement document and the QIP application form. As per SEBI regulations, the company can offer a discount of up to 5% on the QIP floor price.
The final issue price will be determined in consultation with the designated lead manager of the QIP, ensuring compliance with regulatory standards and market conditions.
Shares of Borosil Ltd ended at ₹347.60, up ₹6.25 or 1.83 per cent on the BSE.
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