Asian Granito sells its entire stake in Astron Paper

Our Bureau | | Updated on: Aug 10, 2021

Company sold 87.75 lakh shares at ₹53.50 apiece in a block deal

Tiles-maker Asian Granito India, on Tuesday, divested 18.87 per cent of its holding in Astron Paper and Board Mill, the company stated.

With this, Asian Granito, as a promoter group, has sold its entire stake in the paper and paper products-maker.

In a regulatory filing, the company informed that in its capacity as one of the promoters of Astron Paper, Asian Granito has “divested/sold 87,75,000 equity shares ( 18.87 per cent) in Astron Paper and Board Mills through a block deal at ₹53.50 per share amounting to ₹46,94,62,500 (₹46.94 crore).”

Shareholding

Astron Paper has 45.93 per cent promoter shareholding, of which individuals and HUF hold 26.79 per cent and others from promoter group — Asian Granito and Sreerangam Packaging — hold a combined 19.14 per cent, which included Asian Granito’s 18.87 per cent stake.

Asian Granito further informed that it will utilise the proceeds from the sale of its stake for development purpose.

Asian Granito shares ended nearly 4 per cent down at ₹169.45 on the BSE. Astron Paper shares ended with gains of 4.9 per cent at ₹56.75 on BSE.

Published on August 10, 2021
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