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 used funds from its May 2022 Rights Issue, which raised Rs. 440.96 Crores. The deviation, originally approved by shareholders on 30 March 2023, reallocates funds away from certain original objects. Specifically, Rs. 32.17 Cr originally meant for capex at subsidiary AGL Surfaces has been fully reallocated, Rs. 37.23 Cr for a Morbi Display Centre was not used and was reallocated, and working capital for Greenfield Projects was reduced from Rs. 39.4 Cr to Rs. 30 Cr. New objects include Rs. 73.80 Cr for a Display Centre cum Office at Ahmedabad (Rs. 68.56 Cr already utilized under a joint collaboration agreement dated February 11, 2025) and Rs. 5 Cr for setting up a stock point for building construction material trading. ICRA Limited is the monitoring agency.
Shareholders should note that the company has shifted a significant portion of Rights Issue proceeds from subsidiary manufacturing capex (AGL Surfaces and Morbi Display Centre) to a new display centre at Ahmedabad, which has already absorbed Rs. 68.56 Cr. While the variation was shareholder-approved and monitored by ICRA, investors may want to track whether the Ahmedabad project and stock point deliver the originally envisaged returns, as a sizable chunk of capital expenditure remains underutilized in the original objects.