Global Surfaces Limited (GSL) has announced a significant change in the auditing landscape of its wholly owned material subsidiary, Global Surfaces FZE (GSFZE), located in the Jebel Ali Free Zone (JAFZA), United Arab Emirates. The company has appointed a new statutory auditor for its UAE-based subsidiary, marking a transition in its financial oversight.

Change in Auditors

At the Annual General Meeting held on August 5, 2025, GSFZE saw the completion of tenure for its existing statutory auditors, M/s. Coast Accounting & Auditing (JAFZA Reg. No.: 174). Following this, the shareholder of GSFZE approved the appointment of M/s. Unity Auditing and Management Consultants (JAFZA Reg. No.: 228) as the new statutory auditors for the Financial Year 2025-26.

New Auditor's Profile

Unity Auditing and Management Consultants comes with strong credentials. They are a JAFZA-approved audit firm and hold a valid license issued by the UAE Ministry of Economy to practice as statutory auditors in the Jebel Ali Free Zone. This appointment ensures that GSFZE continues to maintain compliance with local regulatory requirements.

Terms of Appointment

The new auditors will hold office until the conclusion of the next Annual General Meeting of GSFZE. This appointment is in accordance with the applicable provisions governing companies incorporated in JAFZA and aligns with the Memorandum and Articles of Association of GSFZE.

Regulatory Compliance

Global Surfaces Limited has made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The company has provided detailed disclosures as mandated by SEBI circulars, ensuring transparency in the change of auditors for its material subsidiary.

Impact and Outlook

While the change in auditors is a routine corporate governance matter, it reflects Global Surfaces Limited's commitment to maintaining high standards of financial reporting and compliance across its subsidiaries. The appointment of Unity Auditing and Management Consultants is expected to bring fresh perspectives to the auditing process of GSFZE.

As Global Surfaces Limited continues to manage its international operations, this change in auditors for its UAE subsidiary underscores the company's focus on adhering to both local and international regulatory standards. Shareholders and stakeholders can view this transition as part of the company's ongoing efforts to ensure robust financial oversight and transparency in its global operations.

Global Surfaces Ltd , a prominent player in the surfaces industry, has announced an ambitious plan to bolster its financial position. The company has revealed its intention to raise up to ₹155.00 crore through the issuance of equity shares, signaling a significant move in its capital raising strategy.

Multiple Tranches Planned

The company's strategy involves a phased approach to this capital raise. Global Surfaces has stated that the equity shares will be issued in multiple tranches, allowing for a more controlled and potentially market-responsive fundraising process. This method could provide the company with flexibility in timing and potentially help in optimizing the share price for each issuance.

Details Awaited

While the overall target of ₹155.00 crore has been disclosed, specific details regarding the execution of this plan remain undisclosed. The company has not yet provided information on the number of tranches, the timeline for these issuances, or the pricing of the shares. These crucial details are expected to be revealed as the company moves forward with its fundraising initiative.

Potential Implications

This substantial capital raise could have several implications for Global Surfaces:

1. Expansion Plans: The influx of ₹155.00 crore could potentially fund expansion projects, allowing the company to increase its production capacity or enter new markets.

2. Debt Reduction: The raised capital might be utilized to pay off existing debts, improving the company's financial health and balance sheet.

3. Research and Development: A portion of the funds could be allocated to R&D efforts, potentially leading to product innovations or improved manufacturing processes.

4. Market Position: Successfully raising this capital could strengthen Global Surfaces' market position and provide a competitive edge in the surfaces industry.

Investors and market watchers will be keenly awaiting further details on this equity issuance plan. The manner in which Global Surfaces utilizes this capital influx could play a crucial role in shaping its future growth trajectory and market performance.

As more information becomes available, stakeholders will gain a clearer picture of the company's strategic direction and the potential impact of this significant financial move on Global Surfaces' operations and market standing.