Asian Granito IPO opens for subscription

MUMBAI: Initial public offering of Asian Granito India Ltd opened for subscription Thursday.

The price band of the issue is fixed at Rs 85-102. At the lower end of the price band, it would accumulate around Rs 57.40 crore and at the cap price it would raise Rs 73.50 crore. The issue closes on July 31.

The company is a manufacturer of a wide range of vitrified tiles and plans to raise Rs 61.36 crore from public issue of 7,000,000 equity shares of Rs10 each through 100% book building process.

It intends to use the proceeds to set up a wall tile unit having a manufacturing capacity of 9,300 square meters per day as well as for modernization and expansion of its existing vitrified plant in Dalpur, Gujarat.

SBI Capital Markets and Enam Financial Consultants are the book running lead managers to the issue.