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Asian Granito approves rights issue, shares surge

Shares of Asian Granito rose 5% to ₹160 in noon trade on BSE.

1 min read . Updated: 24 Aug 2021, 01:22 PM IST Livemint

Asian Granito earlier this month divested 87.75 lakh equity shares (18.87%) in Astron Paper and Board Mill

The board of Asian Granito India today approved issue of equity shares through rights issue under fast-track mode. “The company satisfies the conditions specified in Regulation 99 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and the circulars issued by the Securities and Exchange Board of India," the company said.

Shares of Asian Granito rose 5% to ₹160 in noon trade on BSE.

Established in the year 2000, Asian Granito India is one of the largest ceramic companies of India. It manufactures ceramic wall and floor tiles, glazed vitrified tiles, polished vitrified tiles, composite marble and quartz in India. It operates 10 manufacturing facilities with a total capacity of 34 million square metres per annum and footprint in 78 countries.

The home decor company earlier this month divested 87.75 lakh equity shares (18.87%) in Astron Paper and Board Mills Ltd through a block deal for ₹46.94 crore. Each share was valued at ₹53.50 and the funds will be used for development purpose, Asian Granito said.

In the June quarter, Asian Granito had announced net profit of ₹8.2 crore vs a loss of ₹7.4 crore a year ago period.

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