Asian Granito to raise croresthrough preferential warrants issue

Asian Granito India (AGIL), a tile manufacturer, plans to raise Rs 90 crore through the warrants issue. It plans to issue 50 lakh convertible warrants on preferential basis to promoter & non promoter group at Rs 180 per share. Promoter Group including Kamlesh Patel, Mukesh Patel and Suresh Patel will be allotted in total 25 lakh fully convertible warrants and the rest to the non-promoter group. The company expects to receive the first installment of 25% of issue proceeds - Rs. 22.5 crore by end of April 2019 post approval in the EGM. AGIL will use the proceeds to fund its expansion plans, debt reduction, meet working capital requirement and improve capital structure.