ASIANTILESAsian Granito India Ltd.
Asian Granito India delays ₹3.38 crore UAE subsidiary share conversion to Mar 2027
- Mergers & acquisitions
- Ceramics And Sanitaryware
Reviewed byKeshav SehgalBlacklitt Research
Asian Granito India (NSE: ASIANTILES) said the conversion of loan and reimbursement receivables from its UAE subsidiary Harmony Surfaces Marbles TR. LLC S.P, Sharjah, into equity is now expected to complete on or before 31 Mar 2027, it said in a filing on 31 Oct 2026. The subscription is worth about ₹3.38 crore.
Key highlights
- Subscription value: ₹3.38 crore (AED 13,00,430)
- Shares to be subscribed: 372 equity shares
- Issue price: AED 3,496 per share
- Revised completion date: on or before 31 Mar 2027
The conversion in numbers
| Item | Detail |
|---|---|
| Subsidiary | Harmony Surfaces Marbles TR. LLC S.P, Sharjah, UAE (HSM Sharjah), wholly owned |
| Shares to be subscribed | 372 equity shares |
| Issue price | AED 3,496 per share |
| Aggregate amount | AED 13,00,430, approximately ₹3.38 crore |
| Earlier expected completion | 31 Oct 2026 |
| Revised expected completion | On or before 31 Mar 2027 |
What has changed in the timeline
The company's disclosure of 15 Jul 2026 set out the conversion of an outstanding loan and reimbursement of expenses receivable from HSM Sharjah into equity shares. The conversion was expected to be completed by 31 Oct 2026.
In its filing dated 31 Oct 2026, the company says the acquisition is pending due to the completion of certain procedural and transactional formalities. Completion is now expected on or before 31 Mar 2027.
Terms and reporting status
The subscription is for 372 equity shares at AED 3,496 each, aggregating to AED 13,00,430, or approximately ₹3.38 crore. The company says the information given under Regulation 30 in its 15 Jul 2026 letter remains unchanged.
The subsidiary is a wholly owned subsidiary of the company, so the subscription is an investment within the group.
What the delay means for Asian Granito India's shareholders
The change is a delay in timing: the company says the completion is now expected on or before 31 Mar 2027, and the rupee value stated is approximately ₹3.38 crore. The company's latest quarter was reported with total income of ₹532.40 crore and net profit of ₹8.07 crore, and the subscription is small against the company's market value of ₹1,360 crore.
The filing does not say which formalities remain outstanding, what caused the delay, or whether the terms or issue price have changed. The next dated step is completion on or before 31 Mar 2027.
Filed with BSE on . Reference: Original filing (PDF)
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