Borosil Renewables Limited (BSE:502219) agreed to acquire Gujarat Borosil Limited (BSE:523768) on January 15, 2020. Under the terms of the transaction, Borosil Renewables will acquire the shares of Gujarat through the issuance of 14.2 million shares in the ratio of one fully paid up equity share of Re.1 of Borosil Renewables for every two equity shares of Rs.5 of Gujarat each fully paid up held in our Gujarat Borosil to remaining equity shareholders of our Gujarat Borosil. Upon completion of the transaction, Gujarat Borosil will be dissolved and the trading of securities will be stopped.

The transaction was approved by the Board of Directors of Gujarat Borosil.