Asian Granito India Limited has informed the Exchange about Scheme of Arrangement - Pronouncement of Order.
ASIANTILES · price
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On the reaction day the stock moved 3.4 pts more than Nifty Microcap 250 and 5.3 pts more than its Ceramics peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The NCLT Ahmedabad Bench has approved the Composite Scheme of Arrangement involving Asian Granito India Limited (AGIL) and 8 other group/associate companies. The order was pronounced on June 12, 2025. The scheme has three main parts: (1) Demerger of the tiles manufacturing businesses of Affil Vitrified, Ivanta Ceramics Industries, and Crystal Ceramic Industries into three wholly-owned subsidiaries of AGIL, with AGIL issuing shares to the shareholders of these demerged companies as consideration; (2) Slump sale of AGIL's Marbles & Quartz business into Amazoone Ceramics; and (3) Merger of AGL Industries (Transferor) into Amazoone Ceramics (Transferee). Equity shareholders, secured creditors, and unsecured creditors of AGIL had unanimously approved the scheme at meetings held in December 2024. The objective is to consolidate the tiles business under AGIL while creating a separate, focused Marbles & Quartz entity.
This is a significant internal restructuring for AGIL shareholders — the company is consolidating its tiles supply chain and hiving off its Marbles & Quartz business into a separate entity. Shareholders of the three demerged companies will become direct shareholders of the listed AGIL, which could lead to share dilution. The reorganisation may improve operational focus and unlock value, but the actual share-swap ratios and financial impact on AGIL's EPS will be the key things to watch.