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Equity | News | Hot Pursuit
Hot Pursuit
Asian Granito India spurts on fund raising plan
(14:24, 13 Mar 2019)
The announcement was made during trading hours today, 13 March 2019.

Meanwhile, the S&P BSE Sensex was up 188.60 points, or 0.50% to 37,724.26.

On the BSE, 59,000 shares were traded in the counter so far compared with average daily volumes of 30,000 shares in the past two weeks. The stock had hit a high of Rs 239.45 and a low of Rs 227.45 so far during the day. The stock hit a 52-week high of Rs 520 on 19 April 2018. The stock hit a 52-week low of Rs 130 on 15 January 2019.

Asian Granito India (AGIL), one of India's leading tile company, is planning to issue 50 lakh convertible warrants on preferential basis to promoter and non-promoter group at Rs 180 per share. The company is expected to raise Rs 90 crore through the warrants issue and proceeds will be utilised to fund its expansion plans, debt reduction, meet working capital requirement and improve capital structure. The company expects to receive the first installment of 25% of issue proceeds - Rs 22.50 crore by end of April 2019 post approval in the EGM.

The 50 lakh warrants is to be issued to promoter and non promoter group in the equal proportion. Promoter Group including Kamlesh Patel, Mukesh Patel and Suresh Patel will be allotted in total 25 lakh fully convertible warrants and the rest to the non-promoter group. The warrant holders shall be entitled to convert the warrants into equal number of equity shares of face value of Rs 10 each, on receipt of entire amount in one or more tranches, within a period of 18 months from the date of the allotment.

Promoter group holds 32.73% in the company, which is expected to increase to around 35% post the warrants conversion. Institutions including mutual funds and foreign portfolio investors holds 8.16% in the company, the company said in a statement.

On a consolidated basis, net profit of Asian Granito India declined 48.89% to Rs 5.98 crore on 12.30% rise in net sales to Rs 296.22 crore in Q3 December 2018 over Q3 December 2017.

Asian Granito India has emerged as India's leading home decor brand. The company manufactures and markets wide range of tiles, engineered marble and quartz.

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