Asian Granito India to raise Rs 90 crore through issue of convertible warrants

Asian Granito India is planning to issue 50 lakh convertible warrants on preferential basis to promoter & non promoter group at Rs. 180 per share. Company is expected to raise Rs. 90 crore through the warrants issue and proceeds will be utilised to fund its expansion plans, debt reduction, meet working capital requirement and improve capital structure. Company expects to receive the first installment of 25% of issue proceeds - Rs. 22.5 crore by end of April 2019 post approval in the EGM.

The 50 lakh warrants to be issued to promoter and non promoter group in the equal proportion. Promoter Group including Kamlesh Patel, Mukesh Patel and Suresh Patel will be allotted in total 25 lakh fully convertible warrants and the rest to the non-promoter group. The warrant holders shall be entitled to convert the warrants into equal number of equity shares of face value of Rs 10/- each, on receipt of entire amount in one or more tranches, within a period of 18 months from the date of the allotment.

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