Asian Granito receives strong response to its rights issue, oversubscribed by 1.28 times

Asian Granito India Limited (AGL) has introduced that its Rights Challenge of Rs441 crores, largest ever by any Ceramic Firm in India, achieved profitable closure, receiving overwhelming response from the shareholders and traders regardless of difficult instances.

The general public portion of the Rights Challenge was subscribed greater than 1.38 instances receiving bids for six.87 crore shares or Rs432 crore of bids obtained. On an total foundation, the Firm obtained bids for over 8.89 crore shares or Rs561 crore of bids within the Rights Challenge on the time limit (Could 10) towards 6.99 crore shares or Rs441 crore provided, representing greater than 127% subscription.

The allotment of fairness shares will happen on or about nineteenth Could, 2022. The Rights shares are anticipated to be listed on the BSE and NSE on or round twenty fourth Could, 2022.

Fairness shares within the Rights Challenge have been provided at a value of Rs. 63 per share. The Rights Entitlement Ratio for the Rights Challenge was 37:30 (37 Rights Fairness Shares of Rs. 10 every for each 30 fairness shares of Rs. 10 every held by the fairness shareholders on the file date). The Rights Challenge of the Firm was open for subscription from April 25, 2022 until Could 10, 2022.

The proceeds of the Rights Challenge can be utilised to fund the Strategic Mega Enlargement Plans in Worth Added Luxurious Surfaces & Bathware Segments together with GVT Tiles, Sanitaryware and SPC Flooring and so on. and to fund numerous strategic initiatives.

The Firm had launched a extremely progressive marketing campaign to create consciousness concerning the Rights Challenge, utilizing broad-based and a number of technique of communication.

These included tv, print, digital and social media, emails and SMSs to achieve out to the shareholders. The Rights Entitlement (RE) was actively traded in demat type on the inventory exchanges since SEBI launched this platform and it was a convincing success reflecting broad-based curiosity within the Rights Challenge.

Commenting on the success of the Rights Challenge, Shri Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd stated, “I categorical my gratitude and honest because of our pricey and esteemed shareholders and traders for his or her help and participation within the Rights Challenge. With all of your help in these difficult instances, the Rights Challenge witnessed subscription of greater than 1.27 instances. We’re delighted and humbled by their extraordinary present of confidence in the way forward for AGL.”

At round 11:30 AM, Asian Granito India was buying and selling at Rs75.55 apiece down by Rs1.8 or 2.33% on the BSE.