Greenlam Industries Limited has submitted comprehensive details to BSE regarding the Income Tax Department search that was conducted at its premises. The submission was made on April 6, 2026, in continuation of the company's earlier intimation filed on March 2, 2026.

Regulatory Compliance Details

The company provided the additional information pursuant to Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was addressed to BSE Limited's Department of Corporate Services, referencing BSE Scrip Code 538979.

Search Operation Summary

The Income Tax Department conducted a comprehensive search under the Income Tax Act, 1961. The following table outlines the key details provided by the company:

Company's Response and Cooperation

Greenlam Industries emphasized its complete cooperation with the Income Tax Department officials throughout the search period. The company responded to all clarifications and details sought by the department during the investigation. This cooperative approach demonstrates the company's commitment to regulatory compliance and transparency.

Operational Continuity

Despite the search operations, the company confirmed that its business activities remained unaffected. The management ensured that normal operations continued without any disruption during the February 26 to March 2, 2026 period. This continuity reflects the company's operational resilience and management efficiency.

Documentation and Authorization

The disclosure was signed by Prakash Kumar Biswal, Company Secretary and Senior Vice President – Legal, on April 6, 2026. The document was digitally signed at 18:49:15 +05'30', ensuring proper authentication and regulatory compliance for the BSE filing.

Greenlam Industries has successfully completed the acquisition of the remaining 33% stake in PT Greenlam Indo Pacific Indonesia for IDR 82.50 crore through its Singapore and Malaysia subsidiaries. The transaction transforms the Indonesian entity into a 100% wholly owned step-down subsidiary, providing complete operational control to the company.

Acquisition Structure and Details

The acquisition was executed jointly by Greenlam Asia Pacific Pte. Ltd., the Singapore subsidiary, and Greenlam Industries SDN. BHD., the Malaysia subsidiary. Prior to this transaction, the Singapore subsidiary held 67% shareholding in the Indonesian entity.

Financial Performance of Target Entity

PT Greenlam Indo Pacific Indonesia, incorporated on May 05, 2020, operates in wholesale trading and import-export of high pressure laminates and other paper and wood-based products. The company's recent financial performance shows varied revenue trends across the last three years.

Strategic Rationale and Impact

The acquisition aims to rationalize the group holding structure and minimize compliance requirements while ensuring absolute control over the Indonesian operations. This strategic move eliminates the complexities associated with local shareholder involvement and provides greater flexibility in implementing business strategies.

The transaction involved cash consideration and required no governmental or regulatory approvals. The Singapore subsidiary acquired 824 ordinary shares of IDR 10,00,000 each, while the Malaysia subsidiary acquired 1 ordinary share of the same denomination.

Corporate Structure Enhancement

By converting PT Greenlam Indo Pacific Indonesia into a wholly owned step-down subsidiary, Greenlam Industries has streamlined its corporate structure in the Indonesian market. The company has indicated that this acquisition is neither price-sensitive nor expected to have material impact on its overall operations, focusing instead on operational efficiency and strategic control.