Announcement under Reg 30 Fund Raising by way of preferential issue of convertible warrant
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Awaiting price reaction for this filing.
The board of Expo Gas Containers Limited (BSE Scrip 526614) approved raising up to Rs. 22.02 crore by issuing 36.7 lakh convertible warrants on a preferential basis to promoter and non-promoter category investors. Each warrant, priced at Rs. 60 (face value Rs. 4 plus Rs. 56 premium), is convertible into one equity share. Allottees include promoters Murtuza S. Mewawala (16.2 lakh warrants) and Hasanain S. Mewawala (1 lakh warrants), along with non-promoters Aegis Investment Fund PCC-Niveza (16.5 lakh warrants) and three other investors. Investors must pay 25% upfront at allotment and the remaining 75% at the time of conversion, with warrants valid for 18 months. An EGM has been scheduled to seek shareholder approval for the issue.
The warrant issue could lead to dilution of existing shareholders' stakes once the warrants are converted into equity shares. The fresh capital may strengthen the company's balance sheet, though the use of proceeds is not specified in this filing. Pending EGM approval, the stock may see some volatility around the preferential issue pricing.