Asian Granito India Ltd. to Acquire 26% Stake in Allomex Steel Private Limited

Asian Granito India Ltd. has approved the acquisition of 26% of the paid-up equity share capital of Allomex Steel Private Limited. The acquisition is considered a related party transaction as Directors of the Company are interested in ASPL. The Audit Committee has granted its prior approval, and the transaction is being undertaken at arm’s length. The acquisition will help the Company to enter into a related building material products and support its overall growth plans. The cost of acquisition is Rs. 26,000/- (Acquiring 2600 equity shares at Rs. 10/- each). Post the proposed investment, the Company’s shareholding will be 26%.