ASIANTILESAsian Granito India Limited
Asian Granito’s subsidiary approves selling a 16% stake in associate Allomex Steel for ₹16,000
- Mergers & acquisitions
- Ceramics And Sanitaryware
Asian Granito India Limited has told the exchanges that the board of its wholly owned material subsidiary, AGL Industries Limited (formerly Amazoone Ceramics Limited), met on 15 Oct 2026 and approved the sale of its 16% equity stake in Allomex Steel Private Limited, out of a total holding of 26%. Allomex is an associate company.
After the transaction, Allomex Steel will cease to be an associate of AGL Industries. The consideration is ₹16,000, at ₹10 per share for 1,600 shares, and the filing shows turnover and revenue of nil for the associate in the periods given.
Inference
The amount is very small, ₹16,000, and the filing shows no turnover for Allomex, so the sale is a clean-up of a small holding rather than a business disposal. The effect on the group's results is not expected to be significant, though the filing does not state it.
The group will keep the remaining 10% for now, according to the filing's reference to a 16% sale out of a 26% holding. Shareholders may want to look for any further disclosure on the remaining stake.
Reference: Original filing (PDF)
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