Asian Granito India Ltd Approves Loan Conversion of Subsidiary Debt into Equity Shares
Asian Granito India Ltd has announced significant corporate restructuring relating to its subsidiary, Harmony Surfaces Marbles TR. LLC S.P, Sharjah, UAE ('HSM Sharjah'). The company approved the conversion of outstanding loans and reimbursements owed by HSM Sharjah into equity shares in the subsidiary, concurrent with a planned fresh issue of equity by HSM, which will change the nature of the relationship from Wholly Owned Subsidiary to a majority-controlled Subsidiary.The Board of Directors considered and approved the transaction involving the conversion of financial obligations of HSM Sharjah into company equity. Under this arrangement, Asian Granito India Ltd will acquire 372 equity shares at an issue price of AED 3,496 per share. The total value of this acquisition stands at AED 13,00,430 (approximately ₹3.38 crore).
HSM Sharjah, which is engaged in the trading activities of various Ceramic and Porcelain products like Marble and Tiles, was incorporated on May 11, 2023. As of March 31, 2026, HSM Sharjah reported a turnover of AED 3,17,48,106.
Shareholding Structure and Subsidiary Status Change
The company took note of the proposed fresh issue of equity shares by Harmony Surfaces Marbles TR. LLC S.P, Sharjah, UAE to identified third-party investors. This transaction is expected to result in a dilution of the Company’s shareholding stake from 100% to 51%. Consequently, HSM Sharjah will cease to be a Wholly Owned Subsidiary and will become a Subsidiary, with Asian Granito India Limited retaining majority ownership and control through its 51% shareholding.The contribution details of Harmony Surfaces Marbles TR. LLC S.P, Sharjah, UAE, to the consolidated figures of the Company in the preceding financial year are summarized below:
| Metric | Value (HSM Sharjah) | Consolidated Percentage |
|---|---|---|
| Turnover/Revenue | ₹ 77.52 crore | 4.17% |
| Net Worth | ₹ 18.03 crore | 1.17% |
The fresh equity shares will be allotted by HSM Sharjah to identified investors who do not belong to the Promoter or Promoter Group of Asian Granito India Ltd, and the transaction has been noted as a non-related party transaction.
ASIANTILES Stock Price Movement
Shares of Asian Granito India Limited shed slightly at ₹48.83, registering a 0.06% dip as of 12:34 PM in live trading today. The stock remains active amid buying interest, with total traded volume reaching 167,491 shares and the equity currently testing near its intraday low of ₹48.72.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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