Asian Granito shares spike 10% as the stock turns ex-rights

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The funds raised through the Issue will be used to repay/prepay certain outstanding borrowings, meeting working capital requirements for the company’s business activities and for general corporate purposes, the company said.

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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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Asian Granito India share price surged over 10 percent in the afternoon session on September 8. The stock is in focus as the company’s Rights Issue is scheduled to open on September 23.

Asian Granito India Limited (AGIL), the manufacturer of one of India’s leading tiles brands, is scheduled to open its Rights Issue on September 23, 2021. The Rights Issue closes on October 7, 2021.

The funds raised through the Issue will be used to repay/prepay certain outstanding borrowings, meeting working capital requirements for the company’s business activities and for general corporate purposes.

The company fixed September 9, 2021, as the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue

It will issue 2,24,64,188 fully paid-up Equity Shares of the face value of Rs 10 each for cash at a price of Rs 100 per Equity Share (including a premium of Rs 90 per equity share) aggregating to Rs 224.65 crore on a rights basis to eligible equity shareholders in the ratio of 19:29 (19 Equity Shares for every 29 Equity shares fully paid-up Equity Share held by the Eligible Equity Shareholders of the Company, as on the record date).

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The stock was trading at Rs 153.35, up Rs 14.55, or 10.48 percent at 14:10 hours. It has touched an intraday high of Rs 156.05 and an intraday low of Rs 143.40.

The scrip was trading with volumes of 231,864 shares, compared to its five day average of 62,639 shares, an increase of 270.16 percent.