Asian Granito India Subsidiary Stake Diluted to 51%

Asian Granito India Ltd (AGIL) announced a significant change in its wholly-owned subsidiary, Harmony Surfaces Marbles TR LLC S.P., Sharjah, UAE (HSM Sharjah). The board approved the conversion of outstanding loans and expenses into equity, followed by a fresh issue of equity shares by HSM Sharjah to third-party investors. This will dilute AGIL's shareholding from 100% to 51%, making HSM Sharjah a subsidiary rather than a wholly-owned subsidiary. The move aims to enable HSM Sharjah to raise additional funds for business expansion and operational requirements. The transaction is considered at arm's length and based on a valuation report. HSM Sharjah contributed ₹77.52 crore (4.17%) to AGIL's consolidated turnover and ₹18.03 crore (1.17%) to its net worth in the last financial year.