On December 4, 2023, Global Surfaces Limited has closed the transaction. The company has allotted 95,00,000 convertible warrants at issue price 52.5 per warrant for the gross proceeds of INR 498,750,000. Out of total issue price, only 25% of the warrant price is received on allotment.

The remaining 75% would be payable upon exercise of these warrants. The warrants converted into or exchanged with equity shares at a later date within a period of 18 months from the date of allotment of warrants. The transaction has been approved by the board of directors of the company.