Asian Granito India's Rs 441 cr rights issue to open on April 25; check details here

FPJ Web DeskUpdated: Wednesday, April 06, 2022, 08:27 PM IST
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The Company will issue approximately 7 crore equity shares having a face value of Rs 10 each on a rights basis to eligible equity shareholders in the ratio of 37:30. /Kamlesh Patel, CMD; and Mukesh Patel, MD, Asian Granito India | Asian Granito India

Asian Granito India Limited (AGL), one of the largest luxury surfaces and bathware solutions brands in the country, is scheduled to open its Rs. 441 crores Rights Issue on April 25, 2022. Shares under the issue are offered at a price of Rs 63 per share i.e. 46.6 percent discount to the closing share price of Rs. 118 per share on April 6, 2022 on NSE. The Issue will close on May 10, 2022.

The Company will issue approximately 7 crore equity shares having a face value of Rs 10 each on a rights basis to eligible equity shareholders in the ratio of 37:30. (37 equity shares for every 30 equity shares fully paid-up equity share held by the eligible equity shareholders).

Asian Granito India has fixed April 12, 2022 as record date for the purpose of determining equity shareholders entitled to receive the rights entitlement in the rights issue.

Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "AGL has lined up major expansion plans in Morbi region in the state of Gujarat, keeping in mind strategic locational advantages, proximity to the raw material sources, easy and quick availability of manpower, proximity to some of the country’s largest ports, among others. With commercialisation of the proposed plans, AGL is expected to strengthen its position as an Integrated Luxury Surfaces and Bathware Solutions Brand and up the Group’s margin profile in near to medium term."

The Promoter and Promoter Group shareholders have confirmed their participation of up to 28.99 percent shareholding (i.e. upto 100 percent of their current shareholding) amounting to Rs. 128 crores. Promoter and Promoter Group shareholders have also indicated that in case the the Issue is undersubscribed, they reserve the right to subscribe to part or the whole amount of the unsubscribed portion, subject to applicable laws.

Post-completion of the Issue, total outstanding shares of the Company would increase to 12,67,51,634 equity shares from 5,67,51,634 equity shares as on March 31, 2022. Pantomath Capital Advisors Pvt. Ltd. is the sole lead managers to the rights issue.

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