Asian Granito promoter Mukeshbhai J. Patel disclosed a net reduction in the promoter group’s holding to 12.89% on August 31, 2026. The decline follows an open market sale of 10,00,000 shares by a person acting in concert (PAC), which was only partially offset by a gift transfer within the promoter family.

The transaction involves two distinct movements under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Sureshbhai J. Patel gifted 25,54,666 equity shares to his brother Mukeshbhai J. Patel. Simultaneously, Hiren Sureshkumar Patel sold 10,00,000 equity shares in the open market.

Shareholding Changes

The gift transfer consolidated holdings within the immediate promoter circle without altering the group’s aggregate stake. However, the open market sale resulted in a net outflow for the promoter group as a whole.

Mukeshbhai J. Patel’s individual holding increased from 71,99,966 shares to 97,54,632 shares due to the gift. Conversely, Sureshbhai J. Patel’s holding dropped from 54,49,966 to 28,95,300 shares. Hiren Sureshkumar Patel reduced his stake from 96,25,799 to 86,25,799 shares following the sale.

What the Numbers Show

The data reveals a structural shift in ownership concentration rather than a simple dilution event. While the promoter group’s total voting power fell by 0.3373%, the internal realignment saw Mukeshbhai J. Patel become the largest single individual holder within the disclosed PAC list. His post-transaction stake of 3.2902% now exceeds both Sureshbhai J. Patel’s residual 0.9766% and Hiren Sureshkumar Patel’s remaining 2.9094%. This consolidation suggests a centralization of control among fewer family members, even as the group’s overall exposure to the company decreased slightly through the market sale.

Asian Granito India Limited will conduct its 31st Annual General Meeting (AGM) on Wednesday, September 9, 2026, at 11:00 am. The meeting will be held via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The notice for the meeting was submitted to stock exchanges on August 14, 2026, and published in newspapers on August 13, 2026.

Key Agenda Items

The primary business at the AGM involves the re-appointment of key managerial personnel for further terms. Shareholders will vote on special resolutions to re-appoint:

• Kamleshkumar Bhagubhai Patel as Chairman and Managing Director (CMD) for three years from January 1, 2027, to December 31, 2029.
• Mukeshbhai Jivabhai Patel as Managing Director (MD) for three years from April 1, 2027, to March 31, 2030.

Both executives have over 28 years of experience in the ceramic industry. Their proposed monthly salary ranges from ₹5 lakh to ₹15 lakh, along with perquisites such as medical insurance and travel reimbursements. They are not entitled to sitting fees during their tenure.

Additionally, the ordinary business includes:

• Adoption of Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
• Re-appointment of Bhaveshkumar Vinodbhai Patel as a director, who retires by rotation.

Financial Performance Context

The AGM will consider the audited financial results for FY26. According to the explanatory statement annexed to the notice, the company's financial performance over the last three years is as follows:

The data indicates a decline in sales from ₹1,220.2 crore in FY24 to ₹1,095.1 crore in FY26. Similarly, PAT contracted significantly from ₹24.6 crore in FY24 to ₹3.2 crore in FY26.

E-Voting and Meeting Details

The remote e-voting period commences on September 4, 2026, at 9:00 am and ends on September 8, 2026, at 5:00 pm. Only shareholders holding shares as on the cut-off date of September 2, 2026, are eligible to vote. The facility is provided by National Securities Depository Limited (NSDL).

Mr. Rajesh Parekh has been appointed as the Scrutinizer to oversee the e-voting process. The deemed venue for the AGM is the company's registered office in Ahmedabad. Proxy appointments are not available for this meeting, though body corporates may appoint authorized representatives.

Regulatory Compliance

The AGM is being conducted in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also adheres to Ministry of Corporate Affairs (MCA) Circular no. 20/2020 dated May 5, 2020, Circular no. 14/2020 dated April 8, 2020, and Circular no. 03/2025 dated September 22, 2025.

Dhruti Mahesh Trivedi, Company Secretary and Compliance Officer, signed the communication on August 13, 2026.