Asian Granito's rights issue worth Rs441 crore opens on April 25; stock tumbles ~3%
India Infoline News Service |
07 Apr, 2022 |
Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has announced its Rs441 crore rights issue scheduled to open to April 25, 2022. The company will utilise the money raised to fund its Mega Expansion Plans.
Under such expansion, the company is looking to set up three new state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring, setting up one of the Indiaâ€™s largest Display Centre, funding the working capital requirements of the above new projects and general corporate purposes.
The issue price will be Rs63 per share which is at a discount of 46.6% to the closing share price of Rs118 per share on April 06, 2022 on NSE. The issue is scheduled to close on May 10, 2022.
The Company will issue approximately 7,00,00,000 fully paid-up Equity Shares of face value of Rs10 each for cash at a price of Rs63 per Equity Share (including a premium of Rs53 per Equity Share) aggregating Rs441 crore on a rights basis to eligible shareholders. The rights issue ratio is 37:30 (37 Equity Shares for every 30 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders).
The company has fixed April 12, 2022, as the record date for the purpose of determining equity shareholders who are entitled to receive the rights under the rights issue.
The Promoter & Promoter Group shareholders have confirmed their participation of up to 28.99% shareholding totalling Rs128 crores.
Asian Granito is currently trading at Rs114.70 down by Rs3.3 or 2.8% from its previous closing of Rs118 on the BSE. The scrip has touched intraday high and low of Rs121.40 and Rs112.35 respectively.