Rights issue proceeds will be utilised to fund its Mega Expansion Plans, set up three new state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring, setting up one of the India's largest Display Centre, funding the working capital requirements of the above new projects and general corporate purposes.

Shares under the issue are offered at a price of Rs 63 per share i.e. 46.6% discount to the closing share price of Rs. 118 per share on 06 April 2022 on NSE. The issue will close on 10 May 2022.

The Company will issue approximately 7,00,00,000 fully paid-up equity shares of face value of Rs 10 each for cash at a price of Rs 63 per equity share (including a premium of Rs 53 per equity share) aggregating Rs 441 crore on a rights basis to eligible equity shareholders in the ratio of 37:30 (37 equity shares for every 30 equity shares fully paid-up equity share held by the eligible equity shareholders). Company has fixed 12 April 2022 as record date for the purpose of determining equity shareholders entitled to receive the rights entitlement in the rights issue.

The Promoter & Promoter Group shareholders have confirmed their participation of up to 28.99% shareholding (i.e. upto 100% of their current shareholding) amounting to Rs. ~128 crore. Promoter and Promoter Group shareholders have also indicated that in case the Issue is undersubscribed, they reserve the right to subscribe to part or the whole amount of the unsubscribed portion, subject to applicable laws. Post completion of the Issue, total outstanding shares of the Company would increase to 12,67,51,634 equity shares from 5,67,51,634 equity shares as on 31 March 2022. Pantomath Capital Advisors is the sole lead managers to the rights issue.