Fund Raising Details
- Mode of Fund Raising: Rights Issue
- Date of Raising Funds: 10-05-2022
- Amount Raised: ₹440.96 Crores
- Monitoring Agency: ICRA Limited
- Report filed for Quarter ended: 30-06-2025
Deviation/Variation Status
- Deviation/Variation exists: Yes, Variation in the Object Clause of Offer Letter dated 06.04.2022
- Shareholder approval obtained: Yes, approved by shareholders on 30-03-2023
- Audit Committee Comments: No Comments
- Auditors Comments: No Comments
Detailed Fund Utilization Variations
Original Objects with Variations:
1. Funding of Capital Expenditure for subsidiary manufacturing units:
- Future Ceramic Pvt. Ltd.: Budgeted ₹173.37 crore, utilized ₹173.37 crore, no utilization in current quarter
- AGL Sanitaryware Pvt. Ltd: Budgeted ₹45.26 crore, utilized ₹45.26 crore, no utilization in current quarter
- AGL Surfaces Pvt. Ltd.: Budgeted ₹32.17 crore, utilized ₹0, current quarter utilization ₹32.17 crore
2. Working Capital for Greenfield Projects:
- Budgeted ₹39.40 crore, utilized ₹30.00 crore, current quarter utilization ₹9.40 crore
3. General Corporate Purpose:
- Budgeted ₹94.75 crore, utilized ₹94.75 crore, no utilization in current quarter
4. Capex for Display Centre cum Office at Ahmedabad:
- Significant variation: Budgeted ₹0, utilized ₹73.80 crore
Explanation: The company had initially entered into an agreement for setting up Display Centre at Morbi with an advance payment of ₹69.00 crore. This contract was terminated in Q4 FY25. By end of Q2 FY26, ₹68.715 crore of the advance had been refunded, leaving a balance of ₹0.285 crore still pending. Subsequently, AGL signed a new agreement with a different vendor for Ahmedabad Display Centre, to whom a total of ₹73.802 crore was transferred. AGL expects to receive the remaining ₹0.285 crore from the previous contractor in upcoming quarter. Project implementation is yet to commence.
5. Setting up Stock Point for Trading of Building Construction Material:
- Budgeted ₹0, utilized ₹5.00 crore
Explanation: The company entered into an agreement with its wholly owned subsidiary for setting up a stock point for trading business of various building construction materials under Asian Granito India Limited. An advance of ₹5.00 crore was transferred to the subsidiary during Q1 FY27. The subsidiary will construct a warehouse at its premises in Morbi, which will subsequently be leased to AGL for operating the stock point. The subsidiary has agreed to complete construction within three years from agreement execution and hand over possession by May 2029. The lease tenure is 12 years from date of handover, and the advance will be adjusted against lease rentals payable during the lease term.