Rights Issue12 May 2026, 06:51 pm
Asian Granito: Deviation in Rights Issue Funds, ₹32.17 Cr Unutilized
AI Summary
Asian Granito India Ltd reported a deviation in the utilization of funds raised through its Rights Issue, as per Regulation 32 of SEBI guidelines. The report, dated March 31, 2026, reveals variations from the original object clause of the offer letter dated April 6, 2022, which was approved by shareholders on March 30, 2023. Notably, ₹32.17 Cr allocated for AGL Surfaces Pvt. Ltd. and ₹37.23 Cr for a Display Centre at Morbi were unutilized. A change in vendor for the Ahmedabad Display Centre led to a new agreement worth ₹73.80 Cr, with project implementation yet to commence. The total amount raised through the Rights Issue on May 10, 2022, was ₹440.96 Cr.
Key Highlights
- Asian Granito reports deviation in use of Rights Issue funds as of March 31, 2026.
- ₹32.17 Cr earmarked for AGL Surfaces Pvt. Ltd. remains unutilized.
- ₹37.23 Cr allocated for a Display Centre at Morbi was not utilized.
- Shareholder approval for object clause changes obtained on March 30, 2023.
- New vendor agreement for Ahmedabad Display Centre signed for ₹73.80 Cr, project pending.
Price Impact
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