Asian Granito India Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Asian Granito India has reported a variation in how it is using proceeds from its May 2022 Rights Issue, which raised Rs. 440.96 Crores. The company has deviated from three original objects: it dropped the planned Rs. 32.17 Cr capex for subsidiary AGL Surfaces, cut the Rs. 39.4 Cr greenfield working capital allocation to Rs. 30 Cr, and shelved the Rs. 37.23 Cr Display Centre at Morbi. The freed-up funds (totaling roughly Rs. 79 Cr) have been reallocated to a new Display Centre cum Office at Ahmedabad (Rs. 73.8 Cr allocated, Rs. 69 Cr already used) and a new Stock Point for building material trading (Rs. 5 Cr allocated). The variation in object clause was earlier approved by shareholders through a postal ballot on 30 March 2023, and ICRA Limited continues as the monitoring agency. No adverse comments were raised by the Audit Committee or auditors.
This is largely a housekeeping disclosure confirming a previously shareholder-approved reshuffle of Rights Issue money, so it should not be a negative surprise. The shift away from the Morbi display centre and the AGL Surfaces subsidiary may raise mild concerns about execution of earlier expansion plans, but the active deployment of Rs. 69 Cr into the new Ahmedabad centre suggests ongoing capex commitment.