Draw text, on top of Grid like a watermark in WinForms GridControl

public class MyGridControl : GridControl
{
  public MyGridControl()
  {
    this.SmoothControlResize = false;
  }
  private bool isApproved = true;
  protected override void OnPaint(System.Windows.Forms.PaintEventArgs pe)
  {
    base.OnPaint(pe);
    if(isApproved)
    {
       string s = "Approved";
       Brush br = Brushes.LightPink;
       StringFormat format = new StringFormat();
       format.LineAlignment = StringAlignment.Center;
       format.Alignment = StringAlignment.Center;
       format.Trimming = StringTrimming.None;
       format.FormatFlags = StringFormatFlags.NoWrap;
       int orientation = -45;
       float angle = (float) orientation;
       Font fnt = new Font("Arial", 20, FontStyle.Bold | FontStyle.Underline);
       RotatePaint.DrawRotatedString(pe.Graphics, s, fnt, br, this.Bounds, format, angle);
    }
}

Public Class MyGridControl Inherits GridControl
   Public Sub New()
     Me.SmoothControlResize = False
   End Sub
   Private isApproved As Boolean = True
   Protected Overrides Sub OnPaint(ByVal pe As System.Windows.Forms.PaintEventArgs)
   MyBase.OnPaint(pe)
   If isApproved Then
     Dim s As String = "Approved"
     Dim br As Brush = Brushes.LightPink
     Dim format As New StringFormat()
     format.LineAlignment = StringAlignment.Center
     format.Alignment = StringAlignment.Center
     format.Trimming = StringTrimming.None
     format.FormatFlags = StringFormatFlags.NoWrap
     Dim orientation As Integer = -45
     Dim angle As Single = CSng(orientation)
     Dim fnt As New Font("Arial", 20, FontStyle.Bold Or FontStyle.Underline)
RotatePaint.DrawRotatedString(pe.Graphics, s, fnt, br, Me.Bounds, format, angle)
   End If
End Sub