- Asian Granito India Limited (AGIL) one of India’s leading tiles brands are planning a major debt reduction and focusing on asset-light and capital-light business model. Offers the widest range of products including, Ceramic Floor, Digital Wall, Vitrified, Parking, Porcelain, Glazed Vitrified, Outdoor, Engineered Marble & Quartz, etc.
- The company is reducing debt by around Rs40-45 shortly and further reduction of Rs50-60cr in the next 1-2 years, thereby eyeing a total debt reduction of around Rs100cr.
- The company is expecting to receive Rs41.85cr from warrants issued to the promoter and non-promoter groups. Warrants are maturing on 7th April 2021, whereas the company expects to receive the same in the next few days. Entire proceeds of warrants will be used to repay debt.
- The company had issued 47 lakh warrants on a preferential basis to the promoter and non-promoter groups in September 2019 at Rs180 per warrant to meet future expansion plans, debt reduction, meet the working capital requirements and improve capital structure. Consolidated Debt of Asian Granito India Ltd as of 31st March 2020 was Rs308.9cr.
- The company has set a target to increase its touchpoints and expand the network of exclusive showrooms to 500. The company expects higher sales in coming quarters due to its dominance in B&C class cities and focused penetration in the market.
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