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

Capital Market 

Asian Granito India is planning to issue 50 convertible warrants on preferential basis to promoter & non at Rs. 180 per share. Company is expected to raise Rs. 90 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 by end of April 2019 post approval in the EGM.

The 50 warrants to be issued to promoter and non in the equal proportion. including Kamlesh Patel, and will be allotted in total 25 fully convertible warrants and the rest to the non-promoter group. The 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 13:00 IST