Borosil Renewables Limited (BSE:502219) acquired 86% stake of lnterfloat Corporation and GMB Glasmanufaktur Brandenbur GmbH from HS Timber Group GmbH and Blue Minds Holding GmbH on April 25, 2022. Under the terms of transaction, Borosil will pay for $56.4 million in cash and remaining in share swap. As a part of this acquisition, the Company had, subject to approval of shareholders, agreed to issue equity shares of the Company aggregating to an amount of €22,500,000 as consideration towards acquisition of 68.09% stake in lnterfloat Corporation. As of April 25, 2022, the Board approved the acquisition of lnterfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH. The Company has obtained regulatory approval from the relevant German authorities for the Proposed Transaction and the Company is proceeding with consummation of the Proposed Transaction. The Board has approved issuance of 26,62,757 equity shares of face value of INR 1 each of the Company at price of INR 674.52 (including premium of INR 673.52), aggregating to an amount of INR 179,60,82,852 (which is equivalent to €22,500,000 as on the Relevant Date) to HSTG Glasholding GmbH, by way of preferential issue for consideration other than cash, subject to the approval of the shareholders at the annual general meeting, towards acquisition of 68.09% stake in lnterfloat Corporation. PricewaterhouseCoopers acted as financial advisor and accountant and provided transaction structuring and tax due diligence to Borosil. Lincoln International Advisors Pvt. Ltd acted as financial advisor and Haigreve Khaitan, Kapish Mandhyan and Arindam Ghosh of Khaitan & Co. and Benjamin Parameswaran, Timo Betjemann, Dr Henriette Norda, Isaschar Nicolaysen, Miray Kavruk, Burkhard Führmeyer, Thilo Streit, Verena Grentzenberg, Semin O, Lars Reubekeul, Cornelius Frie, Ludger Giesberts of DLA Piper LLP acted as legal advisor to Borosil Renewables Limited.

As of October 20, 2022, Borosil Renewables Limited (BSE:502219) signed an agreement to acquire 86% stake in lnterfloat Corporation and GMB Glasmanufaktur Brandenbur GmbH from HS Timber Group GmbH and Blue Minds Holding GmbH tober. Borosil Renewables Limited has revised the terms of the deal and now Borosil Renewables Limited will pay GMB Cash consideration of EUR 5.50 million and an additional amount to be determined basis the performance of GMB in CY 24, CY 25 and CY 26, equivalent to 20% of EBIT of GMB. An additional amount of EUR 1.10 million shall be paid to the existing minority shareholder, Blue Minds IF Beteiligungs GmbH as consideration against waiver by Blue Minds of its right under the existing shareholders agreement between Blue Minds and HSTG in relation to GMB. Borosil Renewables Limited will pay Interfloat Cash consideration of EUR 2.00 million and an additional amount to be determined basis the performance of Interfloat in CY 24, CY 25 and CY 26, equivalent to 20% of EBIT of Interfloat. An additional amount of EUR 0.40 million shall be paid to the existing minority shareholder, Blue Minds as consideration against waiver by Blue Minds of its right under the existing shareholders agreement between Blue Minds and HSTG in relation to Interfloat.


Borosil Renewables Limited (BSE:502219) completed acquisition of 86% stake of lnterfloat Corporation and GMB Glasmanufaktur Brandenbur GmbH from HS Timber Group GmbH and Blue Minds Holding GmbH on October 21, 2022.