Global Surfaces Limited Converts Loan to Equity in Subsidiary
Global Surfaces Limited announced on March 18, 2026, that its Board of Directors approved the conversion of an additional unsecured loan of INR 50 Crore extended to its wholly-owned subsidiary, Global Surfaces FZE, into equity shares. This follows a previous approval on February 3, 2026, for a similar conversion of INR 50 Crore.Global Surfaces FZE, incorporated in Jebel Ali Free Zone, Dubai, UAE, has a paid-up share capital of 20.13 Crore and a net worth of (8.18) Crore as of March 31, 2025. The company’s business is in manufacturing engineered quartz and stone surfaces. FY 2023-24 turnover was 57.34 Crore and FY 2024-25 turnover was 64.36 Crore. FY 2022-23 saw a turnover of Nil, and a PAT of (0.07) Crore. FY 2023-24 had a PAT of 5.57 Crore, and FY 2024-25 had a PAT of (35.87) Crore.
The conversion is intended to strengthen Global Surfaces FZE’s balance sheet, reduce its finance costs, and support long-term growth and operational stability. The conversion is expected to be completed by March 31, 2026. The consideration for the shares will be the discharge of a portion of the outstanding loan of INR 50 Crore. The issue price per share will be determined based on an equity valuation of AED 70.57 million, not exceeding AED 733 per share. The transaction does not involve any cash outflow from Global Surfaces Limited.
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