Intimation regarding allotment of 31,45,715 convertible warrant into equity shares on preferential basis to promoters and certain identified non promoter persons/entities
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Expo Engineering And Projects Ltd has allotted 31,45,715 convertible warrants at Rs. 70 per warrant (face value Rs. 4, premium Rs. 66), aggregating to about Rs. 22.02 crore. The warrants were issued on a preferential basis to promoter group members Murtuza Mewawala (13.32 lakh warrants) and Hasanain Mewawala (1.41 lakh warrants), along with non-promoters including Aegis Investment Fund PCC (14.14 lakh warrants), Yasmin Merchant, Neelam Salim, and Mumtaz Nathani (85,715 each). The company has already received 25% upfront (Rs. 5.50 crore), with the remaining 75% (Rs. 16.51 crore) payable on conversion. Warrants are valid for 18 months and can be exchanged one-for-one into equity shares. Shareholder approval was obtained in June 2025, and BSE in-principle approval came in September 2025.
This is a promoter-led equity infusion that will strengthen the company's capital base if the warrants are fully converted, but it will also lead to dilution of existing shareholders once converted. Since 75% of the consideration is still pending, the actual cash inflow depends on whether warrant holders exercise their conversion rights over the next 18 months.