Asian Granito sells 18.8 pc stake in Astron Paper and Board Mills

Ahmedabad (Gujarat) [India], Aug 10 : Home decor major Asian Granito Ltd (AGL) said on Tuesday it has divested 87.75 lakh equity shares (18.87 per cent) in Astron Paper and Board Mills Ltd through a block deal for Rs 46.94 crore.
Each share was valued at Rs 53.50. "The funds will be used for development purpose. The company is in process of complying with relevant provisions of SEBI (SAST) and SEBI (PIT) Regulations," it said in a statement.
AGL has been looking to engage with global players with an objective to make the country a global manufacturing hub for tiles and sanitary ware.
The company is one of the leading global manufacturers of ceramic wall and floor tiles, glazed vitrified tiles, polished vitrified tiles, composite marble and quartz in India.
AGL aims to become a preferred global partner by providing end-to-end solutions including quality assurance, packaging, efficient supply chain management, and adherence to stringent compliance and ethical norms, it had said recently.
AGL was established in 2000 and is among the world's 50 most profitable ceramic tile companies. It operates 10 manufacturing facilities with a total capacity of 34 million square metres per annum and footprint in 78 countries.