Asian Granito gains 3% as co unveils plan to raise Rs 90 cr via preferential warrants

Shares of Asian Granito gained more than 3 percent intraday on March 13 as the company said it is planning to raise Rs 90 crore.

The company is planning to issue 50 lakh convertible warrants on preferential basis to promoter and non-promoter group at Rs 180 per share, as per an exchange filing.

The company is expected to raise Rs 90 crore through the warrants issue and proceeds will be utilised to fund its expansion plans, debt reduction, meet working capital requirement and improve capital structure, it added.

The warrant holders shall be entitled to convert the warrants into an equal number of equity shares of face value of Rs 10 each, on receipt of entire amount in one or more tranches, within a period of 18 months from the date of the allotment.

At 1316 hours, Asian Granito India was quoting at Rs 233.25, up Rs 6.15, or 2.71 percent on the BSE. First Published on Mar 13, 2019 01:44 pm