Multibagger share: Shares of Borosil Renewables saw a rise of more than 5 percent today. The company’s shares are trading at Rs 749.35 in Indra Day. The rally in shares comes in a significant announcement from the company, with its board agreeing to buy a 100% stake in Interflot Group, Europe’s largest solar glass maker and GMB Glassmanufaktur Brandenburg. Both companies are in the business of solar glasses. After this deal, today Borosil Renewables shares (Borosil Renewables stock price) were seen tremendously.
221% return in one year
Shares of Borosil Renewables rose 5.14 per cent to Rs 774.15 against the previous close of Rs 736.30 on BSE. Borosil Renewables stock is trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock opened at Rs 751 with a gain of 2.54 per cent on the BSE.
The stock has gained 20.11 per cent in 2022 and has gained 221 per cent in one year. The firm’s market cap rose to Rs 9,821.62 crore in early trade. The stock had reached a 52-week high of Rs 833 on April 25, 2022.
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what is this deal
The note given by the company to the exchanges said that the board has approved the execution of a share purchase agreement between the company, the subsidiary companies, HSTG Glasholding GmbH and Blue Minds IF Beteiligungs GmbH (SPA) and other necessary documents in connection with the proposed transaction. has approved. With this the Company (with its subsidiaries) will agree to acquire 100 percent of the target companies’ share capital from HSTG Glassholding GmbH and Blue Minds IF Beteligungs GmbH.
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The company consists of GMB Glasmanufaktur Brandenburg GmbH (GMB), based in Tschernitz, Germany, and Interfloat Corporation, based in Ruggell, Liechtenstein. With the acquisition of Interflot Group, BRL’s solar glass output will increase to 750 TPD from the current 450 TPD. That is, an increase of 66 percent. Borosil will buy GMB in cash for 24.91 million euros.