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Awaiting price reaction for this filing.
Asgard Alcobev Limited (formerly Banganga Paper Industries) has allotted 16,70,000 equity shares at Rs. 1.45 per share (face value Rs. 1) on a preferential basis to a non-promoter individual (Himathsingh R Marak), raising Rs. 24.21 lakh. Separately, the company has sold its entire 99.96% stake in subsidiary Banganga Paper Mills Limited (BPML) for Rs. 11.22 crore in cash to related parties (the Dhatrak family). BPML, a paper manufacturing business with FY25 turnover of Rs. 76.74 crore and net worth of Rs. 12.77 crore, has therefore ceased to be a subsidiary. The disposal aligns with the company's stated strategy to divest from the paper business and refocus on its alcobev (alcoholic beverages) operations, as suggested by the recent name change.
The divestment is a significant strategic shift — the company is exiting the legacy paper business and concentrating on the alcobev segment, though the small cash inflow of Rs. 11.22 crore is modest relative to BPML's turnover. The preferential issue is very small (under Rs. 25 lakh) and unlikely to materially impact shareholding or stock price.