BOROSIL RENEWABLES LIMITED

rs,

mited Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Building, P. J. Towers, Dalai Street, Mumbai- 400 001 Dear Sir /Madam, National Stock Exchange of India Ltd Exchange Pl

3.0%

onsumerware 149.8 36.3 186.1 146.1 100.2 246.2 154.3 41.7 196.0 203.1 146.9 350.0 3.0% 14.8% 5.3% 39.1% 46.7% 42.2% Total * Sales figures exclude Sales to BGWL - From 1st April

14.8%

rware 149.8 36.3 186.1 146.1 100.2 246.2 154.3 41.7 196.0 203.1 146.9 350.0 3.0% 14.8% 5.3% 39.1% 46.7% 42.2% Total * Sales figures exclude Sales to BGWL - From 1st April, 2018

5.3%

149.8 36.3 186.1 146.1 100.2 246.2 154.3 41.7 196.0 203.1 146.9 350.0 3.0% 14.8% 5.3% 39.1% 46.7% 42.2% Total * Sales figures exclude Sales to BGWL - From 1st April, 2018 the Co

39.1%

36.3 186.1 146.1 100.2 246.2 154.3 41.7 196.0 203.1 146.9 350.0 3.0% 14.8% 5.3% 39.1% 46.7% 42.2% Total * Sales figures exclude Sales to BGWL - From 1st April, 2018 the Company ha

46.7%

186.1 146.1 100.2 246.2 154.3 41.7 196.0 203.1 146.9 350.0 3.0% 14.8% 5.3% 39.1% 46.7% 42.2% Total * Sales figures exclude Sales to BGWL - From 1st April, 2018 the Company has adopt

42.2%

146.1 100.2 246.2 154.3 41.7 196.0 203.1 146.9 350.0 3.0% 14.8% 5.3% 39.1% 46.7% 42.2% Total * Sales figures exclude Sales to BGWL - From 1st April, 2018 the Company has adopted the

9.1%

018 the Company has adopted the recently notified IndAS 115. Without this, actual Growth in SIP is 9.1% and Consumerware 41.8%. Overall growth is 27.8%. 26.3% 432.3 546.0 3 Borosil Glass Works

41.8%

opted the recently notified IndAS 115. Without this, actual Growth in SIP is 9.1% and Consumerware 41.8%. Overall growth is 27.8%. 26.3% 432.3 546.0 3 Borosil Glass Works Limited FY19 Highlig

27.8%

d IndAS 115. Without this, actual Growth in SIP is 9.1% and Consumerware 41.8%. Overall growth is 27.8%. 26.3% 432.3 546.0 3 Borosil Glass Works Limited FY19 Highlights Rs. In Crores Segm

26.3%

15. Without this, actual Growth in SIP is 9.1% and Consumerware 41.8%. Overall growth is 27.8%. 26.3% 432.3 546.0 3 Borosil Glass Works Limited FY19 Highlights Rs. In Crores Segment FY1

14.6%

(Including Income from Investments) - BGWL - Hopewell - Klasspack Total 51.1 7.3 4.7 63.1 14.6% 56.2 -6.8 -0.2 49.2 51.0 26.7 2.7 80.3 14.7% 57.7 -3.3 - 1.8 52.7 -0.2% 265.3%

“) - a 100% subsidiary of BGWL – Includes the Vyline business and BGWL’s 70.2% ownership of Klasspack • Resultant Structure: – BGWL will be renamed Borosil Renewables Ltd.”

“•BGWL will be renamed Borosil Renewables Ltd.”

Demerger amongst Related Companies

1

Consequently

1

Swap ratio

1

Demerger amongst Related Companies

A. Companies to be merged in BGWL • Vyline, a promoter held co & 3P manufacturer for BGWL • Fennel Investments, an associate co with cross holdings •Gujarat Borosil (25% equity held by the company) in solar glass business B. Simultaneously demerger of •Consumer and Scientific ware business into Borosil Ltd. (Formerly known as Hopewell Tableware Ltd. ) - a 100% subsidiary of BGWL – Includes the Vyline business and BGWL’s 70.2% ownership of Klasspack • Resultant Structure: – BGWL will be renamed Borosil Renewables Ltd. and house the Solar Business – Borosil Limited will house the Consumer ware and Scientific ware businesses – No cross holdings – Both companies to be independently listed 35 Borosil Glass Works Limited New Shareholding •Upon merger, shareholders of Gujarat Borosil (GBL) will receive 1 BGWL share for 2 GBL shares held •On demerger into Borosil Limited (BL), shareholders of BGWL will receive 1 BL share for 1 BGWL share held. •BGWL will be renamed Borosil Renewables Ltd.

Consequently

•Shareholder with 100 shares in BGWL today will own 100 shares in Borosil Limited and 100 shares in Borosil Renewables Ltd. •Shareholder with 100 shares in GBL today will own 50 shares of Borosil Limited and 50 shares of Borosil Renewables Ltd. 36 Borosil Glass Works Limited Scheme Implementation •Scheme was advised by PwC. •Valuation by SSPA & Co. Fairness Report by Keynote Corporate Services Ltd. •The company has proposed Oct 1, 2018 as the appointed date. •The scheme is subject to approval of relevant authorities and shareholders of the co. •The process is expected to be completed by Q2FY20. 37 Borosil Glass Works Limited Expected benefits of the Scheme •Eliminates related party transactions – Vyline & BGWL, GBL & BGWL •Significantly simplifies holding structure & eliminates cross holding •Gives shareholders the choice to own the Borosil Ltd and/or Borosil Renewables Ltd. businesses independent of each other – Currently BGWL shareholders indirectly own a part of GBL’s business •Vyli

Swap ratio

• 200 shares of BGWL(Post bonus) against 81 equity shares of Vyline • 200 shares of BGWL (Post Bonus) against 109 equity shares of Fennel • 1 shares of BGWL(Post bonus) against 2 equity shares of GBL • 1 shares of BL against 1 equity shares of BGWL 40 Borosil Glass Works Limited Five Years Financial Highlights (Stand-alone) 41 Borosil Glass Works Limited Financial Highlights (Stand-alone) 2017-2018 2016-2017 2015-2016 2014-2015 2013-2014 Revenue From Operations (Rs. lacs) 29,583 26,700 22,221 17,542 15,595 Profit Before Tax (Rs. lacs) 7,027 13,792 1,502 6,352 4,166 Profit Before Tax as % on Revenue From Operations 23.75 51.66 6.76 36.21 26.72 Tax expenses Profit After Tax Dividend Net Earnings per Share * (Rs. lacs) 2,389 1,123 (55) 1,437 452 (Rs. lacs) 4,637 12,669 1,557 4,916 3,715 (%) (Rs.) 250 250 250 250 200 20.07 54.85 5.35 16.35 12.36 Shareholders' Funds (Rs. lacs) 82,169 77,175 63,620 69,746 65,734 Book Value per Share * Return on Investment (Rs.) (%) 356 334 6.84 17.56 275 3.7