Asian Granito India Limited subsidiary AGL Industries Limited approved the sale of its 16% equity stake in Allomex Steel Private Limited for ₹16,000. The transaction, executed on October 15, 2026, reduces AGL’s holding in the associate company from 26% to 10%, causing Allomex Steel to cease being an associate entity.

The board of directors of AGL Industries, formerly known as Amazoone Ceramics Limited, sanctioned the proposal at its meeting held on October 15, 2026. The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The buyer is identified as directors or relatives of directors of AGL Industries, classifying the deal as a related party transaction.

Transaction specifics

The sale involves 1,600 shares of Allomex Steel Private Limited, valued at ₹10 per share. The total consideration received is ₹16,000. The agreement was entered into on the same date as the board approval, with completion expected immediately. The transaction is stated to be on an arm's length basis, supported by a valuation report from a registered valuer.

Financial impact and status

Allomex Steel Private Limited was incorporated on August 27, 2025. For the last financial year, the company reported zero turnover, revenue, income, and net worth. Consequently, the disposal does not impact the consolidated revenue or net worth figures of the listed entity based on historical data provided in the filing.

What the numbers show

The nominal consideration of ₹16,000 for a 16% stake in an associate company that has reported zero revenue and zero net worth since its incorporation in August 2025 suggests the asset currently holds no book value or operational earnings. The transaction effectively exits a dormant investment vehicle without material financial gain or loss relative to the stated valuation metrics.

Asian Granito India saw a significant shift in its shareholding pattern as Thakkar Nileshkumar Farshuram (HUF) and its person acting in concert, Arthkumbh Ventures LLP, increased their aggregate holding to 11.20%.

The acquisition involved the purchase of 3,32,11,918 equity shares through open market transactions between August 1, 2026, and October 9, 2026. Prior to this transaction, the combined holding of the acquirer and the PAC was nil.

Breakdown of the Acquisition

The disclosure was filed under Regulation 29(1) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The total post-acquisition holding represents 11.20% of the company's total share/voting capital.

What the Numbers Show

The data reveals a concentrated accumulation strategy rather than a diversified entry. The primary acquirer, Thakkar Nileshkumar Farshuram (HUF), holds 74.5% of the total acquired block (2.47 crore out of 3.32 crore shares), while the PAC, Arthkumbh Ventures LLP, accounts for the remaining 25.5%. This structure indicates that the bulk of the capital deployment was executed directly by the HUF entity, with the LLP serving as a secondary vehicle for a smaller portion of the stake. The entire position was built from zero to an 11.20% threshold within a roughly ten-week window, signaling a rapid accumulation phase in the open market.