Asian Granito India Limited board approves rights issue to raise Rs. 225 crore

The board of directors of Asian Granito India Limited at its meeting held today has considered and approved proposal for raising of funds to become debt free and for expansion etc. Accordingly, the Board approved the offer and issuance of fully paid-up equity shares of the Company (the "Equity Shares") for an amount not exceeding Rs. 225 Crore (Rupees Two Hundred Twenty Five Crore Only) by way of a rights issue to the eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently}, in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, subject to such approvals, as may be required under the applicable laws ("Rights Issue").

For the purposes of giving effect to the Rights Issue, the detailed terms in relation to the Rights Issue, including but not limiting to the· issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.

The board approved increasing of Authorised Capital of the Company from Rs. 47,50,00,000 /- to Rs. 65,00,00,000/- and alter Memorandum of Association accordingly.

Shares of ASIAN GRANITO INDIA LTD. was last trading in BSE at Rs.187.5 as compared to the previous close of Rs. 183.7. The total number of shares traded during the day was 221960 in over 4599 trades.

The stock hit an intraday high of Rs. 191.95 and intraday low of 183.7. The net turnover during the day was Rs. 41804728.

Source : Equity Bulls

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