Asian Granito files draft letter of offer for Rs 500 crore rights issue

Plans to raise funds to fuel capacity expansion, foray into sanitary ware, surface flooring

As part of its mega expansion plan of setting up three new manufacturing units in Gujarat-based listed entity Asian Granito India Limited (AGL) has filed a draft letter of offer for rights issue of equity shares to raise up to Rs 500 crore ($70 million).

A leading ceramic tiles maker, AGL now plans to enter foray into manufacturing of sanitaryware and stone plastic composite (SPC) flooring, apart from adding capacity for value-added luxury surfaces & bathware segments for large format glazed vitrified tiles (GVT).

To be commissioned by April 2023 at the ceramic tiles cluster of Morbi, the new facilities