Rights issue of
Rights issue of Asian Granito India Limited is open for subscription for its shareholders on April 25 and will close on May 10. Company is raising Rs. 441 crores through the rights issue to fund its Mega Expansion Plans Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring etc.
Equity Shares under the Rights Issue are offered at a price of INR 63 per Share. The Company will issue upto 6,99,93,682 fully paid-up Equity Shares of face value of INR 10 each for cash at a price of INR 63 per Equity Share aggregating INR 440.96 crore on a rights basis to eligible equity shareholders in the ratio of 37:30. The Promoter & Promoter Group shareholders have confirmed their participation of up to 28.99% shareholding amounting to Rs. 128 crores. Pantomath Capital Advisors Pvt. Ltd. is the sole lead managers 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 has estimated that total working capital requirement for all the New Projects in the first year of commercial operations in 2023-24 will be around INR 80 crores. It has setting up one of the World’s largest display centre at India’s Ceramic Tiles hub at Morbi, Gujarat to showcase the entire product range.
The Chairman and Managing Director of Asian Granito India Ltd Mr. Kamlesh Patel said, “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.”
is open for subscription for its shareholders on April 25 and will close on May 10. Company is raising Rs. 441 crores through the rights issue to fund its Mega Expansion Plans Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring etc.
Equity Shares under the Rights Issue are offered at a price of INR 63 per Share. The Company will issue upto 6,99,93,682 fully paid-up Equity Shares of face value of INR 10 each for cash at a price of INR 63 per Equity Share aggregating INR 440.96 crore on a rights basis to eligible equity shareholders in the ratio of 37:30. The Promoter & Promoter Group shareholders have confirmed their participation of up to 28.99% shareholding amounting to Rs. 128 crores. Pantomath Capital Advisors Pvt. Ltd. is the sole lead managers 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 has estimated that total working capital requirement for all the New Projects in the first year of commercial operations in 2023-24 will be around INR 80 crores. It has setting up one of the World’s largest display centre at India’s Ceramic Tiles hub at Morbi, Gujarat to showcase the entire product range.
The Chairman and Managing Director of Asian Granito India Ltd Mr. Kamlesh Patel said, “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.”C