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 Limited has submitted the Monitoring Agency Report from ICRA Limited for the quarter ended June 30, 2025, tracking the use of its Rs 422.17 crore net Rights Issue proceeds raised in 2022. Of the total, Rs 412.37 crore has been utilized so far, with only Rs 0.44 crore deployed during Q1 FY2026, leaving Rs 9.80 crore unutilized (parked in a fixed deposit with IndusInd Bank earning 7.40%). The report confirms no deviation from the disclosed objects, though shareholders had earlier approved a revision of the objects via postal ballot. Most of the projects — including subsidiary manufacturing units (FCPL and ASWPL) and working capital — are fully funded and operational. However, the Ahmedabad Display Centre project remains stalled: the company has changed EPC contractors twice, and construction is yet to start despite Rs 69 crore being advanced and partially refunded.
No new red flags for shareholders, but the repeated contractor failures and continued delay on the Ahmedabad Display Centre raise mild concerns about project execution. With nearly all proceeds now deployed, the limited remaining flexibility means investors should watch for progress updates on the Display Centre and Stock Point projects, both of which are running 12 months behind the original schedule.