Asian Granito India Limited has informed that the Company had passed special resolution in respect of Issue of Warrants, Convertible into Equity Shares on Preferential Basis.
Subsequently Company has received In-principle approval from the stock exchanges to allot 47,00,000 fully convertible warrants on Preferential Basis at Rs. 180/- each.
Further, the Company has received Letter from Mukeshbhai J. Patel (Promoter) for exercising his right of conversion of 1,33,000 warrants (out of remaining 1,33,000 warrants pending for conversion) into equity shares as the balance amount of Rs. 1,79,55,000/- (Rupees One Crore Seventy Nine Lakh Fifty Five Thousand Only) at Rs. 135/- per warrant being 75% of balance amount is paid by Mukeshbhai J. Patel.
Accordingly the Board of Directors have allotted 1,33,000 equity shares of Rs. 10/- each at a premium of Rs. 170/- each pursuant to conversion of Warrants to Mukeshbhai J. Patel by way of passing circular resolution as on 05th April, 2021.
Asian Granito India was currently trading at Rs169.65 per piece up by Rs3.6 or 2.17% from its previous closing of Rs166.05 per piece on Sensex, at around 10:50 AM.