Asian Granito India Limited (AGIL), manufacturer of one of India’s leading tiles brands is scheduled to open its Rights Issue on September 23. The funds raised through the Issue will be used to repay/prepay certain outstanding borrowings, meeting working capital requirements for the company’s business activities and for general corporate purposes. The rights issue is offered at a price of Rs. 100 per Share.
The Company will issue 2,24,64,188 fully paid-up Equity Shares of the face value of Rs. 10 each for cash at a price of Rs. 100 per Equity Share (including a premium of Rs. 90 per Equity Share) aggregating to Rs. 224.65-crore on a rights basis to eligible equity shareholders in the ratio of 19:29. In August 2021 Company divested its entire 18.87% stake in its associated company – Astron Paper and Board Mills Ltd (Astron Paper) for Rs. 46.94-crore to focus on the core business of tiles and building materials. For FY 21, Company reported a net profit of Rs. 57.23-crore on a consolidated basis – growth of 36% Y-o-Y. Net sales for FY21 was reported at Rs. 1,292-crore with 6% growth Y-o-Y and Net profit margin improved by 100 basis points to 4.4%.
Company currently exports to more than 100 countries and planning to expand to 120 plus countries. The company targets to increase its retail touchpoints to over 10,000, expand exclusive showrooms to over 500.
Asian Granito’s Rights Issue opens on Sept 23
