Borosil Renewables has acquired 5,874 shares of face value of EUR 1000 each, at a price of EUR 1078.82, aggregating to EUR 63,37,195, of Laxman AG, a wholly owned subsidiary of the Company. Objects of acquisition is to strengthen the equity base of Laxman AG, the loans granted to Laxman AG have been converted into equity.
These shares have been acquired pursuant to the conversion of outstanding loans (including the accrued interest) granted by the company to Laxman AG. Being a wholly owned subsidiary, there is no change in the shareholding percentage of the company in Laxman AG, pursuant to this investment.
The company is engaged in the production of low iron textured solar glass used in the manufacturing of solar photovoltaic modules in the power sector.
