Please find intimation with respect to Statement of Deviation & Variation.
ASIANTILES · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Asian Granito India Limited has filed its quarterly statement of fund utilisation deviation for the rights issue of Rs. 440.96 Crores raised in May 2022. The company reported variations in three original objects: AGL Surfaces Pvt. Ltd. capex (Rs. 32.17 Cr cancelled), Working Capital for Greenfield Projects (reduced by Rs. 9.40 Cr to Rs. 30 Cr), and Display Centre at Morbi (Rs. 37.23 Cr cancelled). Two new objects were added: Display Centre cum Office at Ahmedabad (Rs. 73.80 Cr allocated) and Stock Point for Trading (Rs. 5 Cr). The Ahmedabad project faced delays after the original EPC contractor was terminated in Q4FY25, with Rs. 68.72 Cr of advances recovered and Rs. 0.285 Cr still pending. The changes were approved by shareholders via postal ballot on 30 March 2023. Monitoring is being done by ICRA Limited.
The deviation shows the company is reallocating funds from underperforming or cancelled projects (Morbi Display Centre, AGL Surfaces) to a new Ahmedabad Display Centre, indicating a strategic shift. Project implementation delays and fund recovery issues from the previous contractor may raise concerns about execution capabilities and could negatively impact investor sentiment.