Asian Granito India Limited has reported near-complete utilization of its rights issue proceeds, with only a small fraction remaining unused, according to the company's latest monitoring agency report for Q2 FY2026.

Fund Utilization Overview

The company raised INR 422.17 crore through its rights issue, of which INR 416.93 crore has been fully utilized. The remaining INR 5.06 crore is currently invested in fixed deposits and current accounts.

Key Allocations

The major allocations of the funds include:

Project Delays

While the company has made significant progress in fund utilization, several projects have experienced delays:

1. Future Ceramic Private Limited: Completed with a 9-month delay due to heavy and delayed monsoons in Morbi.
2. AGL Sanitaryware Private Limited: Commissioned with a 9-month delay, also attributed to monsoon-related issues.
3. Working Capital for Greenfield Projects: Delayed by 9 months due to changes in the object clause and subsequent shareholder approvals.
4. Stock Point for Trading: Delayed by 12 months due to challenges in identifying suitable options.
5. Display Center in Ahmedabad: Pushed back by 12 months due to difficulties in finding an appropriate property.

General Corporate Purposes

Of the INR 94.75 crore allocated for general corporate purposes:

• INR 8.40 crore was used for payments to creditors, utilities, and statutory dues.
• INR 86.35 crore was provided as loans and advances to the subsidiary Crystal Ceramic Industries Limited for term loan repayment.

Monitoring Agency's Comments

ICRA Limited, the appointed monitoring agency, reported no material deviation from the stated objectives of the issue. However, they noted that the construction of the display center in Ahmedabad is yet to commence, despite the company providing a refundable security to the EPC contractor for land identification.

Conclusion

While Asian Granito has successfully utilized the majority of its rights issue proceeds, the company faces challenges in timely project completion. Shareholders and potential investors should note these delays and monitor their potential impact on the company's future performance and growth strategies.

Asian Granito India Limited (AGIL) has announced the voting results for its composite scheme of arrangement involving demerger between Asian Granito India Limited, Adicon Ceramica Tiles Private Limited, and Adicon Ceramics Limited. The scheme received overwhelming approval across all stakeholder categories during the National Company Law Tribunal (NCLT)-convened meetings held on September 18-19, 2025.

Voting Results

Meeting Details

The meetings were conducted following NCLT orders dated June 19 and July 4, 2025. The equity shareholders' meeting, held via video conferencing on September 19, 2025, commenced at 10:30 AM and concluded at 10:47 AM IST. Mr. S.B. Gautam, an ex-NCLT member, chaired the proceedings.

Voting Process

Shareholders were provided with two voting methods:

1. Remote e-voting
2. E-voting during the meeting

Ms. Neha Lakhanpal served as the scrutinizer for the voting process, ensuring transparency and compliance with regulatory requirements.

Compliance and Disclosure

The meetings and voting procedures were conducted in compliance with the provisions of the Companies Act, 2013, and the circulars issued by the Securities and Exchange Board of India (SEBI).

Implications

The overwhelming approval of the demerger scheme across all stakeholder categories signifies strong support for the company's restructuring initiative. This corporate action is expected to have significant implications for the respective shareholders and creditors of Asian Granito India Limited, Adicon Ceramica Tiles Private Limited, and Adicon Ceramics Limited.

Next Steps

Asian Granito India Limited has stated that the detailed voting results will be:

1. Uploaded on the company's official website ( www.aglasiangranito.com )
2. Notified to the stock exchanges separately

Investors and stakeholders are advised to monitor these platforms for any further developments regarding this corporate restructuring initiative.