Restile Ceramics

Restile Ceramics' board on 28 September approved the acquisition of 98.89% of the diluted equity of Bell Granito Ceramica through a cash purchase and a share swap. The cash leg covered up to 2 crore Bell shares (5.19%) for up to Rs 11.7 crore, while up to 36.10 crore shares (93.70%) were to be exchanged for 21.12 crore new Restile shares at Rs 10 each in a 1000:585 ratio, with completion proposed within six months subject to shareholder and BSE approvals. The board also approved raising authorised capital to Rs 320 crore and convening an extraordinary general meeting on 28 October. Restile reported revenue of Rs 563 lakhs in FY26, almost entirely from traded vitrified tiles purchased from Bell Granito for Rs 448 lakhs, with no own production since FY23. Its top two customers accounted for about 83% of FY26 revenue. Negative equity stood at Rs 3,172 lakhs against cash of Rs 7 lakhs and interest-free director borrowings of Rs 3,687 lakhs.

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Restile Ceramics' board on 28 September approved the acquisition of 98.89% of Bell Granito Ceramica Limited for Rs. 11.7 crore in cash plus 21.12 crore new Restile shares at Rs. 10 each in a 1000:585 swap ratio. The board also approved increasing authorised share capital to Rs. 320 crore from Rs. 100 crore and called an extraordinary general meeting on 28 October to seek shareholder approval, with completion targeted within six months of necessary approvals. Bell Granito, incorporated in 1993 and focused on ceramic and vitrified tiles, reported turnover of Rs. 75.92 crore in FY26. Restile reported revenue of Rs. 5.63 crore in FY26, nearly all from traded vitrified tiles purchased from Bell Granito for Rs. 4.48 crore, with no own production since FY23. The company had negative equity of Rs. 31.72 crore and cash of Rs. 7 lakh against Rs. 36.87 crore of interest-free director borrowings at the end of March. Its auditor had qualified on going-concern basis in each year since FY23, with management citing a combination with Bell Granito as the resolution, and the chairman resigned in March 2026.

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Restile Ceramics' board on 28 September 2026 approved the acquisition of 98.89% of Bell Granito Ceramica, comprising 2 crore shares for Rs11.70 crore in cash and 36.11 crore shares through a swap that entails issuance of 21.12 crore Restile shares at Rs10 in a 1000:585 ratio. Bell Granito, a manufacturer and trader of ceramic tiles and related products incorporated in 1993, posted turnover of Rs75.92 crore in 2025-26. Restile reported revenue of Rs5.63 crore in 2025-26, almost entirely from traded vitrified tiles sourced from Bell Granito, with own production halted since 2022-23. Purchases of traded goods from Bell Granito were Rs4.48 crore, and the top two customers accounted for about 83% of revenue. Negative equity stood at Rs31.72 crore at end-March against cash of Rs7 lakh and interest-free director borrowings of Rs36.87 crore. The board also approved raising authorised capital to Rs320 crore and convening an extraordinary general meeting on 28 October 2026.

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