Borosil Glass Works surges on Marol land deal

MUMBAI: Shares of Borosil Glass Works shot up after the company announced sale of 18 acre land in Marol, Andheri, to Neepa Real Estate for Rs 830 crore.

The deal consideration is nearly two-and-a-half times the market capitalisation of Borosil. Borosil Glass will utilise the fund to expand its operations and retire debt, said Chetas Desai, MD of Ambit Corporate Finance, advisor to Borosil on the deal. Borosil’s debt stands at around Rs 50 crore.

At 11:30 am, the stock was locked at 5 per cent upper circuit at Rs 818.90, up Rs 38.95 on the BSE.