Corrigendum to the Notice of EGM dated 27th June,2025
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Awaiting price reaction for this filing.
Expo Gas Containers Limited has issued a corrigendum to its EGM notice for the meeting scheduled on June 27, 2025. The price of convertible warrants has been revised upward from Rs. 60 to Rs. 70 per warrant (face value Rs. 4 plus premium of Rs. 66). One proposed allottee, Mr. Imran Salim Bachooli, has been replaced by his mother Mrs. Neelam Salim Bachooli because he sold shares during the relevant pricing period, disqualifying him under SEBI ICDR rules. The total issue size remains 31,45,715 convertible warrants to raise approximately Rs. 22.02 crore from 6 allottees, including promoters Murtuza and Hasanain Mewawala and non-promoter investor Aegis Investment Fund. The minimum issue price as per SEBI valuation is Rs. 69.23, with the company pricing marginally above at Rs. 70. Proceeds will be used mainly for bank loan repayment (Rs. 14 crore), working capital (Rs. 5 crore), and general corporate purposes (Rs. 3 crore) within 24 months.
Existing shareholders will see promoter holding slightly dilute from 56.95% to 55.72% post-issue, while public holding rises from 43.05% to 44.28%. This is a corrective administrative disclosure rather than a new business decision, so the stock price impact should be minimal, though the increased warrant price signals stronger valuation expectations.