New Delhi, May 11 (PTI) Ceramic company Asian Granito India Limited (AGL) on Wednesday announced that its Rs 441-crore rights issue has achieved successful closure, receiving robust response from the shareholders and investors despite challenging times.

On an overall basis, the company received bids for over 8.89 crore shares or Rs 561 crore in the rights issue on the closing date, May 10, against 6.99 crore shares or Rs 441 crore offered, representing more than 127 per cent subscription, according to a statement.

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The public portion of the rights issue was subscribed more than 1.38 times, receiving bids for 6.87 crore shares or Rs 432 crore.

Equity shares in the rights issue were offered at a price of Rs 63 per share. The rights entitlement ratio for the rights issue was 37:30 -- 37 rights equity shares of Rs 10 each for every 30 equity shares of Rs 10 each held by the equity shareholders on the record date.

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The issue was open for subscription from April 25 to May 10.

Proceeds of the issue would be utilised to fund the strategic mega expansion plans in value added luxury surfaces and bathware segments and to fund various strategic initiatives.

"With all your support in these challenging times, the rights issue witnessed subscription of more than 1.27 times," Kamlesh Patel, Chairman and Managing Director, Asian Granito India, said.

Pantomath Capital Advisors acted as the sole lead manager to the issue.

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