Intimation with respect to Monitoring Agency Report.
ASIANTILES · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICRA Limited, the monitoring agency, has submitted its final Q4 FY2026 report on the utilization of Asian Granito India's Rights Issue proceeds (net: Rs. 422.17 crore, raised in April-May 2022). Of the total proceeds, Rs. 417.17 crore has been utilized, with Rs. 5 crore remaining in fixed deposits with IndusInd Bank. Two manufacturing units (Future Ceramic and AGL Sanitaryware) have been commissioned with 9-month delays due to monsoon. The Display Centre cum Office project in Ahmedabad has faced significant issues - two EPC contracts were terminated, Rs. 69 crore advance was paid to one contractor, and a new agreement was signed in Q4FY25. The project is yet to commence implementation. The stock point for trading business is also delayed by 18 months. Under General Corporate Purpose, Rs. 86.35 crore was deployed as loans to subsidiary Crystal Ceramic Industries for term loan repayment.
The report shows no material deviation from approved objects, but shareholders should note the stalled Display Centre project and ongoing delays in the stock point setup. The company has been actively managing contractor changes for the Display Centre, but no construction has begun despite full fund deployment.