Its entire18.87% stake has been divested by Asian Granito India Limited (AGIL) in its associated company – Astron Paper and Board Mills Limited (Astron Paper) for Rs. 46.94-crore. AGIL sold 87.75-lakh equity shares of Astron Paper through block deal at Rs. 53.5 per share on 10 August 2021. Proceeds of Rs. 46.94-crore from the sale of Astron Paper shares will be utilised to meet long term working capital and business development of AGIL. The capital gains from the sale of shares of Astron Paper will be tax free at the hands of Asian Granito India Limited.
AGIL has recently announced a rights issue of Rs. 225-crore. For FY 21, Company reported a net profit of Rs. 57.23-crores on consolidated basis – growth of 36% Y-o-Y. Net sales for FY21 were reported at Rs. 1,292-crores with 6% growth Y-o-Y, while net profit margin improved by 100 basis points to 4.4%. With a view to focus on the core business of ceramic tiles and building materials, Asian Granito in its board meeting held on 31 May 2021 had approved disinvestment from Astron Paper. Astron Paper is listed on BSE and NSE.