Global Surfaces Limited has informed the Exchange regarding Proceedings of Postal Ballot
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Global Surfaces Limited has announced the results of its postal ballot (concluded June 30, 2025), with all three resolutions passed with the requisite majority. Resolution 1 (Ordinary) approves material related party transactions with subsidiaries Global Surfaces Inc. and Superior Surfaces Inc. up to ₹1,500 Million (₹150 Crore) during FY 2025-26. Resolution 2 (Special) approves raising of funds up to ₹155 Crore in one or more tranches through issuance of equity shares, GDRs, ADRs, FCCBs, QIBs, or other eligible securities, including via the Qualified Institutions Placement (QIP) route. Resolution 3 (Ordinary) approves an increase in the Authorised Share Capital from ₹55 Crore (5.5 crore equity shares of ₹10 each) to ₹65 Crore (6.5 crore equity shares of ₹10 each), along with a corresponding change to the Memorandum of Association.
Shareholders have cleared the way for the company to raise up to ₹155 Crore of fresh capital through equity or equity-linked instruments, which could lead to dilution but also fund expansion. The authorised capital increase supports this potential fundraising. The ₹150 Crore related party transaction cap with subsidiaries signals continued inter-group operational support for the year.