Please find 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.
Awaiting price reaction for this filing.
Asian Granito India has filed the final Monitoring Agency Report from ICRA Limited for the quarter ended 31st March 2025, covering the use of proceeds from its 2022 Rights Issue. The Rights Issue raised Rs. 440.96 crore (net proceeds of Rs. 422.17 crore), of which Rs. 412.37 crore has been utilized and Rs. 10.24 crore remains unutilized, parked in fixed deposits with IndusInd Bank and the current account. The company fully deployed funds for working capital at Morbi (revised to Rs. 30 crore from Rs. 39.4 crore) and for general corporate purposes, with Rs. 86.35 crore given as loans/advances to subsidiary Crystal Ceramic Industries for term loan repayment. Three manufacturing unit capex objects (under FPL, GSL Sanitaryware, and GSL Surfaces) were revised to zero after the plants were commissioned, and the Morbi display center capex was also dropped. The Ahmedabad display cum experience office (revised to Rs. 69 crore) has Rs. 68.56 crore utilized, but construction is yet to start. ICRA noted no major deviations from disclosed objects.
This is a routine SEBI compliance filing and signals no material concern — ICRA found no deviations in fund usage. The delay in starting construction of the Ahmedabad experience center and the scaling down of several originally announced capex items (Morbi display center, three new plant capex) are mild negatives for the original growth narrative, but are offset by the completed commissioning of the manufacturing plants and debt reduction at the subsidiary level.