Asian Granito Reports Q1 FY2026 Rights Issue Fund Utilization; Notes Delays in Key Projects
This is a routine quarterly compliance report detailing the utilization of funds from a past Rights Issue. While it provides an update on project progress and some noted delays, these are ongoing matters and do not represent new material information that would significantly alter investor perception or the company's immediate financial outlook.
The report indicates compliance with the utilization of Rights Issue proceeds, with changes approved by shareholders. While there are noted delays in some projects, particularly the Ahmedabad Display Centre, the company has provided explanations and outlined ongoing actions to address these, maintaining a neutral overall outlook.
Asian Granito India Limited (ASIANTILES) has submitted the Monitoring Agency Report for the quarter ended 30th June 2025 (Q1 FY2026) concerning the utilization of proceeds from its Rights Issue. * The Rights Issue, which took place from 25th April 2022 to 10th May 2022, raised INR 440.9602 Crore, with net proceeds of INR 422.1746 Crore (excluding issue-related expenses). * ICRA Limited, the Monitoring Agency, reported "No Deviation" from the objects of the issue, noting that utilization is in line with changes approved by shareholders' resolution. * Key utilization details include: * INR 173.3727 Crore for capital expenditure of Future Ceramics Private Limited and INR 45.2553 Crore for AGL Sanitaryware Private Limited have been fully utilized. * INR 30.0000 Crore has been utilized for the working capital requirements of proposed projects. * INR 94.7451 Crore was utilized for General Corporate Purposes, including INR 86.35 Crore as loans and advances to its subsidiary, Crystal Ceramic Industries Limited, for term loan repayment. * For the "Setting up of Display Centre cum office at Ahmedabad, Gujarat," out of INR 73.8015 Crore proposed, INR 69.0000 Crore has been utilized. However, the project has experienced delays due to contractual transitions; an initial agreement was terminated in Q4 FY25, and a new agreement was signed with a different vendor. INR 56.065 Crore of the advance from the former vendor has been refunded, with INR 12.935 Crore still pending. * INR 5.0000 Crore for "Setting up of a Stock point for carrying out Trading Business" remains unutilized. * Delays in project completion have been noted: * Capital expenditure projects for Future Ceramic Private Limited and AGL Sanitaryware Private Limited were delayed by 9 months, completed by 31st December 2023, primarily due to heavy and delayed monsoons. * Working Capital for Proposed Capex is delayed by 9 months to 31st December 2024, due to changes in the object clause and subsequent shareholder approvals. * The Stock Point for Trading of Building Construction Material and the Display Center capex projects are both delayed by 12 months to 31st December 2025, attributed to delays in identifying suitable options/properties. * As of 30th June 2025, INR 9.8015 Crore remains unutilized. These unutilized proceeds are deployed in Fixed Deposits with IndusInd Bank (INR 10.5326 Crore) and current accounts (INR 0.0630 Crore), generating an earning of INR 0.1749 Crore at a 7.40% return.
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