Borosil Renewables completes set up of SPV ‘Laxman AG' in Liechtenstein; stock rises

13 Jul 2022 , 09:55 AM

Borosil Renewables Limited informed that it has completed the set-up of its special purpose vehicle in Liechtenstein namely ‘Laxman AG’.
The entity incorporated does not have any business operations and is only a special purpose vehicle.

This entity is incorporated in order to effectively manage the acquisition of Interfloat, and to enable the Company to explore additional business opportunities and partnerships in Europe.

Earlier in April 2022, the company agreed to acquire 100% stake in Interfloat and GMB Glasmanufaktur Brandenburg each.

The consideration for acquisition of this subsidiary is EUR 50,000 consisting of 50 shares with a nominal value of EUR 1,000 each. Borosil Renewable directly holds a 100% stake in this entity.

This entity was formed on July 07, 2022, and currently does not have any business operations, so information about the company, its location, and its last three years of revenue are unavailable.

At around 9.59 AM, Borosil Renewables was trading at Rs638.10 up by 0.21% from its previous closing of Rs636.75 on the BSE. The scrip opened at Rs643.90 and has hit intraday high and low of Rs643.90 and Rs633.65 respectively.