Asian Granito India Limited has filed a Statement of Deviation or Variation in the utilization of funds raised through its Rights Issue, as required under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended March 31, 2026. The disclosure, dated May 12, 2026, was submitted to both BSE Limited and the National Stock Exchange of India Limited. The report confirms that a variation exists in the object clause of the Offer Letter dated April 06, 2022, which was approved by shareholders through a postal ballot on March 30, 2023. ICRA Limited was appointed as the Monitoring Agency, and the report confirms that while there is no material deviation in the utilization of proceeds, utilization differs from the original objects stated in the offer document, in line with the shareholder-approved change of objects. The Audit Committee and Auditors have offered no additional comments on the deviation.

Rights Issue Overview

The Rights Issue was open from April 25, 2022 to May 10, 2022, comprising equity shares with an issue size of INR 440.96 crore. Net proceeds, excluding issue-related expenses, stood at INR 422.1746 crore. The following table summarizes the key parameters of the Rights Issue:

Utilization of Issue Proceeds

As of the end of Q4 FY2026, a total of INR 417.175 crore has been utilized, with INR 5.000 crore remaining unutilized. The following table summarizes the progress against each object, including original allocations, modified allocations where applicable, and the deviation or variation amounts:

General Corporate Purpose Utilization

Of the INR 94.7451 crore allocated to General Corporate Purposes, the report details the specific end-use as follows:

An amount of Rs. 86.35 crore was utilized as loans and advances to its subsidiary Crystal Ceramic Industries Limited for repayment of its term loans, which is in line with the proposed utilization under the General Corporate Purposes head as specified in the objects of the offer.

Deployment of Unutilized Proceeds

The remaining unutilized amount of INR 5.000 crore has been deployed in a fixed deposit with IndusInd Bank. The details of this deployment are as follows:

*INR 0.1631 crore pertains to interest income. Source: As certified by RRS & Associates, the statutory auditor of the Issuer.

Implementation Delays and Key Observations

The report notes delays in the implementation of certain objects. Key highlights include:

• Future Ceramic Private Limited (FCPL): Original completion date was March 31, 2023; actual completion was December 31, 2023, a delay of 9 months, attributed to heavy and delayed monsoon in Morbi.
• AGL Sanitaryware Private Limited: Original completion date was March 31, 2023; actual completion was December 31, 2023, a delay of 9 months, due to monsoon-related construction delays.
• General Corporate Purpose: Completed with no delay.
• Working Capital – Proposed Capex: Original completion date was March 31, 2024; actual completion was December 31, 2024, a delay of 9 months, due to change in object clause and subsequent shareholder approvals.
• Stock Point for Trading of Building Construction Material: Original completion date was December 31, 2024; status is in process, with an 18-month delay due to delays in identifying suitable options for stock point setup.
• Display Centre – Ahmedabad: Original completion date was December 31, 2024; funding is completed with a 12-month delay. However, as confirmed by management, implementation of the project is yet to commence.

Regarding the Display Centre cum Office at Ahmedabad, Asian Granito had initially entered into an agreement with an EPC contractor, supported by an advance payment of INR 69.000 crore. This contract was terminated in Q4 FY2025. By the end of Q2 FY2026, INR 68.715 crore of the advance had been refunded, leaving a balance of ₹0.285 crore still pending. Subsequently, a new agreement was signed with a different vendor, to whom a total of INR 73.802 crore was transferred. As per a Joint Collaboration Agreement dated February 11, 2025, the company has provided a refundable security to an EPC contractor for land identification; however, construction of the display center is yet to commence. Asian Granito expects to receive the remaining INR 0.285 crore from the previous contractor in the upcoming quarter.

Asian granito India Limited has published newspaper advertisements for its postal ballot notice under Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on 23 April, 2026. The company's Board of Directors had earlier approved the re-appointment of two Independent Directors for their second consecutive terms through a circular resolution passed on 22 April, 2026.

Regulatory Compliance and Publication Details

The company has fulfilled its regulatory obligations by publishing the postal ballot notice in Business Standard (English) and Jai Hind (Gujarati) newspapers on 23 April, 2026. Company Secretary and Compliance Officer Dhruti Trivedi digitally signed the formal communication to both BSE Limited and National Stock Exchange of India Limited, confirming the newspaper advertisement publication.

E-Voting Schedule and Process

The remote e-voting for the postal ballot process commenced on Thursday, 23 April, 2026 at 9:00 AM IST and will conclude on Friday, 22 May, 2026 at 5:00 PM IST. The e-voting facility is available to members whose names appear in the register of members or beneficial owner list obtained from NSDL and CDSL as of Saturday, 17 April, 2026 (record date).

Director Re-appointment Proposals

The postal ballot seeks shareholder approval for re-appointment of two Independent Directors through Special Resolutions:

Accessibility and Support

The postal ballot notice is available on multiple platforms including the company's website www.aglasiangranito.com , BSE Limited ( www.bseindia.com ), National Stock Exchange of India Limited ( www.nseindia.com ), and NSDL's website www.evoting.nsdl.com . For queries, shareholders can contact NSDL's toll-free numbers 1800 1020 990 and 1800 22 44 30 or email evoting@nsdl.co.in .

The results of e-voting will be announced within 48 hours of the conclusion of the e-voting period. The declared results along with the Scrutinizer's Report will be immediately placed on the company's website and stock exchange websites after the result declaration.