Asian Granito India Limited announced that its Rights Issue of Rs. 441 crores achieved successful closure. The public portion of the Rights Issue was subscribed more than 1.38 times receiving bids for 6.87 crore shares or Rs. 432 crores of bids received.
The Company received bids for over 8.89 crore shares or Rs. 561 crores of bids in the Rights Issue on the closing date against 6.99 crore shares or Rs. 441 crores offered, representing more than 127% subscription. The allotment of equity shares will take place on or about 19th May 2022. The Rights shares are expected to be listed on the BSE and NSE on or around 24th May 2022.
Equity shares in the Rights Issue were offered at a price of Rs. 63 per share. The Rights Issue of the Company was open for subscription from April 25, 2022 till May 10, 2022.
The proceeds of the Rights Issue would be utilized to fund the Strategic Mega Expansion Plans in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring etc. The Promoter & Promoter Group shareholders of AGL had participated in the Rights Issue for their full entitlement of 28.99% shareholding in the Company. Post completion of the Rights Issue, the total outstanding equity shares of the Company would increase to 12,67,45,316 from 5,67,51,634 equity shares as on March 31, 2022. Pantomath Capital Advisors Pvt. Ltd. is the sole lead manager to the rights issue. The new entities incorporated for Expansion are Future Ceramic Pvt Ltd, AGL Sanitaryware Pvt Ltd and AGL Surfaces Pvt Ltd. The Company is also setting up one of the World’s largest display centre at India’s Ceramic Tiles hub – Morbi, Gujarat to showcase AGL Group’s entire product range.
The Chairman and Managing Director of Asian Granito India Ltd Mr. Kamlesh Patel said, “We are delighted and humbled by their extraordinary show of confidence in the future of AGL.
