Glass Wall Systems (India) Limited

Fresh Issue proceeds lack external monitoring agency

Because the Fresh Issue is below ₹1,000 million, no monitoring agency is required. Deployment of Fresh Issue proceeds is therefore monitored by the Board and Audit Committee rather than an external monitoring agency.

issue · medium (p.61, 62)

Past corporate-law non-compliance

The Company did not appoint a whole-time company secretary from October 2010 to April 2013 as required under the then applicable law. A compounding application filed in June 2025 was pending and the outcome was uncertain as of the DRHP date.

regulatory · medium (p.63)

Recent equity issuance and dilution

The Company issued 8,716,925 shares on August 28, 2025 at ₹177.81 per share for acquisition consideration and adopted an ESOP Scheme immediately before the DRHP. The prospectus notes recent issuance prices may be below the Offer Price and ESOP grants can create compensation expense and dilution.

issue · medium (p.64, 105, 116, 144)

Seasonality and adverse weather

Construction and installation activity is exposed to monsoon, winter and extreme-weather conditions that can restrict work, delay delivery and project completion, reduce productivity and leave operating expenses continuing during curtailed activity.

operations · medium (p.69)