Asian Granito: Deviation in Rights Issue Fund Utilization
Asian Granito India Ltd has filed a Statement of Deviation under SEBI regulations concerning its Rights Issue of Rs. 440.96 Crores conducted on May 10, 2022. The report for the quarter ended September 30, 2026, indicates a variation in the utilization of funds. Specifically, there was a deviation in the allocation for 'Capex for Setting up Display Centre at Morbi' (Rs. 37.23 Cr) and 'Working Capital for Greenfield Projects' (Rs. 94.00 Cr). Additionally, funds originally earmarked for 'Capex for Setting up Display Centre cum Office at Ahmedabad' were reallocated, and a new allocation for 'Setting up of Stock Point for Trading of Building Construction Material' (Rs. 5.00 Cr) was made. The company attributes these deviations to changes in project execution and vendor agreements, with shareholder approval obtained on March 30, 2023. The Audit Committee and Auditors have provided no comments.
Key Highlights
- Deviation noted in Rights Issue fund utilization for Q2 FY27.
- Changes in allocation for Capex and Working Capital reported.
- Shareholder approval obtained for revised fund utilization.
- No comments from Audit Committee or Auditors.
- Project implementation for Ahmedabad Display Centre yet to commence.
Price Impact
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