Global Surfaces Limited — Others, 14-02-2025: Monitoring Agency Report

Global Surfaces Limited confirmed no deviations in the utilization of IPO proceeds for the quarter ended December 31, 2024. The company raised ₹154.98 crores through its IPO, with ₹101.58 crores net available for utilization. A monitoring report from CARE Ratings Limited also confirmed the full utilization of raised funds with ₹90.00 crores allocated for capital expenditures in its wholly-owned subsidiary and ₹11.58 crores for general corporate purposes. The timeline for the manufacture facility's operation has shifted slightly, now commencing in December 2023 due to supply chain challenges. This reflects steady operational execution, which may foster positive investor sentiment.