New Delhi, Mar 1 (PTI) Borosil Renewables Ltd on Friday said its board has approved a proposal to raise up to Rs 500 crore through the issuance of equity shares.

The proposal is subject to necessary statutory/regulatory approvals, the company said in an exchange filing.

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"The Securities Issue Committee of the Board of Directors of the company has approved the fundraising by the company of an amount not exceeding Rs 500 crore...by way of issue of equity shares on rights issue basis to the eligible equity shareholders," it said.

The record date for the purpose will be notified accordingly, the filing said.

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Borosil Renewables manufactures solar glass for various applications.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)