Asian Granito Converts Loan to Equity in Subsidiary

Asian Granito India Ltd's Board of Directors approved the conversion of outstanding loan and reimbursement of expenses from its wholly-owned subsidiary, Harmony Surfaces Marbles TR. LLC S.P, Sharjah (HSM Sharjah), into equity shares. The company will subscribe to 372 equity shares at AED 3,496 per share, aggregating to AED 13,00,430 (approximately ₹3.38 crore). Additionally, the board noted a proposed fresh issue of equity shares by HSM Sharjah to third-party investors, which will dilute Asian Granito's shareholding from 100% to 51%. HSM Sharjah will thus cease to be a wholly-owned subsidiary and become a subsidiary, with Asian Granito retaining majority control.