Borosil Renewables is having a roller-coaster day today. The stock, which had closed on Friday at Rs.780.15, opened higher today at Rs.787.20 and went on to hit a new high at Rs.833. But profit booking at these levels, pushed the stock into the red, going down 7.5% to Rs.722.70.
The company announced today morning that its Board approved buying of 100% stake in Interfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH (GMB), both manufacturing solar glass.
The company will buy GMB at Euro 24.91 million in cash and an additional amount to be determined based on the performance in the current year of 2024, 2025 and 2026, not exceeding 50% of EBIT of GMB.
It will buy Interfloat at Euro 5.09 million, swap of shares equivalent of EUR 22.50 million and additional amount to be determined basis the performance of lnterfloat in CY 24, CY 25 and CY 26, not exceeding 50% of EBIT of lnterfloat.
The Board has also authorized availing of acquisition finance up to an amount of Rs.275 crore.
The Company, through its German subsidiary, would hold and control 100% of GMB and in lnterfloat, Borosil and its Liechtenstein subsidiary, would control 100% of lnterfloat. The Company would directly hold approximately 68.09% in lnterfloat and Liechtenstein subsidiary would directly hold approximately 31.91% in lnterfloat.
The acquisition is expected to be completed in 6 to 18 weeks.