Global Surfaces Board Approves Additional ₹50 Crore Loan

Global Surfaces has announced another significant corporate restructuring decision through an official regulatory filing, with its board of directors approving the conversion of an additional ₹50.00 crore unsecured loan into equity shares for its subsidiary. The board meeting held on March 18, 2026, marks the second such approval, following an earlier decision in February for a similar amount.

Board Meeting Outcomes and Regulatory Compliance

The board meeting commenced at 10:40 AM IST and concluded at 11:00 AM IST on March 18, 2026. The directors approved the conversion of an additional unsecured loan of ₹50.00 crore extended by the company to its wholly owned subsidiary, Global Surfaces FZE, into equity shares. This decision comes in addition to the earlier approval granted by the board at its meeting held on February 3, 2026, for conversion of an unsecured loan of ₹50.00 crore into equity shares of the same subsidiary.

Meeting Details: Specifications Meeting Date: March 18, 2026 Start Time: 10:40 AM IST End Time: 11:00 AM IST Additional Loan Amount: ₹50.00 crore Previous Approval Date: February 3, 2026 Total Conversion Value: ₹100.00 crore

The company has filed the necessary disclosures pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with both BSE Limited and National Stock Exchange of India Limited.

Subsidiary Profile and Financial Performance

Global Surfaces FZE, incorporated on December 23, 2021, in Jebel Ali Free Zone, Dubai, UAE, operates in the manufacturing and processing of engineered quartz surfaces. The subsidiary has shown revenue growth over the past years, though it faced challenges in the most recent financial year.

Financial Year: Turnover (₹ Crore) PAT (₹ Crore) FY 2022-23: Nil (0.07) FY 2023-24: 57.34 5.57 FY 2024-25: 64.36 (35.87)

As of March 31, 2025, the subsidiary had a paid-up share capital of ₹20.13 crore and a net worth of negative ₹8.18 crore, highlighting the need for capital restructuring.

Valuation Framework and Transaction Terms

The conversion will be executed based on an independent valuation carried out by a registered valuer, with the equity valuation of Global Surfaces FZE set at AED 70.57 million. The issue price per share for the proposed conversion shall not exceed AED 733.00 per share. The transaction is supported by an independent fairness opinion from a SEBI registered Category I merchant banker, ensuring the conversion is conducted on fair terms and an arm's-length basis.

Valuation Parameters: Details Equity Valuation: AED 70.57 million Maximum Issue Price: AED 733.00 per share Valuation Method: Independent registered valuer Fairness Opinion: SEBI registered Category I merchant banker

Strategic Impact and Implementation Timeline

The conversion aims to strengthen the subsidiary's balance sheet by reducing its finance cost burden and supporting long-term growth and operational stability. Since Global Surfaces FZE is currently in a ramp-up phase, the improved capital structure is expected to enhance its financial sustainability and future profitability. The conversion is expected to be completed on or before March 31, 2026, with no cash consideration flowing from Global Surfaces Limited to the subsidiary. This transaction represents a reclassification of existing financial exposure into equity investment rather than a fresh cash outlay.

Global Surfaces Limited has announced its participation in the upcoming 11th Annual Valorem Conference, marking another step in its investor engagement activities. The company formally notified stock exchanges about this participation in compliance with regulatory requirements.

Conference Details

The conference, titled "11th Annual Valorem Conference-Resilient Corporates, Relentless India," is organized by Valorem Advisors and scheduled for Monday, March 23, 2026. The event will be held at Grand Hyatt-Kalina, Mumbai, providing a platform for corporate interactions with investors and stakeholders.

Parameter: Details Conference Name: 11th Annual Valorem Conference-Resilient Corporates, Relentless India Organizer: Valorem Advisors Date: Monday, March 23, 2026 Venue: Grand Hyatt-Kalina, Mumbai

Regulatory Compliance

The announcement was made in compliance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Global Surfaces Limited has specifically stated that no unpublished price-sensitive information (UPSI) is intended to be discussed during the interactions at the conference.

Investor Information Access

The company has directed stakeholders to its latest investor presentation, which is available on the company's official website at www.globalsurfaces.in . This ensures that all relevant corporate information remains accessible to investors and interested parties.

Company Background

Global Surfaces Limited, formerly known as Global Stones Private Limited, operates as an ISO 9001:2015 and ISO 14001:2004 certified company. The company is listed on both BSE Limited (Scrip Code: 543829) and National Stock Exchange of India Limited (Symbol: GSLSU). The formal communication was signed by Dharam Singh Rathore, Company Secretary and Compliance Officer, from the company's registered office in Jaipur on March 16, 2026.

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