Mukeshbhai J. Patel, Managing Director and Promoter of Asian Granito India Limited, has acquired 3,00,000 equity shares of the company through open market purchase on December 23, 2025. The transaction was disclosed to BSE Limited and National Stock Exchange of India Limited under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The acquisition represents a strategic increase in the promoter group's stake in the ceramic products company. The following table summarizes the key transaction parameters:

Shareholding Pattern Changes

The acquisition has resulted in a notable change in the promoter group's shareholding pattern in Asian Granito India Limited:

Promoter Group Structure

Mukeshbhai J. Patel operates as part of a promoter group that includes several related entities and individuals. The detailed shareholding breakdown shows the distribution among various promoter group members:

Company Capital Structure

Asian Granito India Limited's share capital structure remains unchanged following this transaction. The company's total share capital stands at ₹231.91 crores, divided into 23,19,11,649 equity shares of ₹10.00 face value each. The company's shares are listed on both BSE Limited (scrip code: 532888) and National Stock Exchange of India Limited (symbol: ASIANTILES).

Regulatory Compliance

The disclosure was made in compliance with SEBI regulations governing substantial acquisition of shares and takeovers. The transaction was communicated to both stock exchanges where the company's shares are listed, ensuring full transparency and regulatory adherence. The acquisition falls within the normal course of promoter investment activities and does not trigger any additional disclosure requirements under the takeover regulations.

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.