Regulation 30 of SEBI (Listing Obligation & Disclosure Requirements) Regulations,2015- Revised outcome of the meeting of Board of Director scheduled on Thursday 29th May,2025 on account ....
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Expo Gas Containers (now renamed Expo Engineering and Projects Ltd) filed a revised board meeting outcome originally held on May 29, 2025. The revision only reallocates 36,70,000 convertible warrants between its two promoters (Murtuza S Mewawala gets 15,55,000 and Hasanain S Mewawala 1,65,000) while the total warrant count and Rs 22.02 crore size stay unchanged. Each warrant priced at Rs 60 (face value Rs 4, premium Rs 56) is convertible into one equity share within 18 months, with 25% payable upfront and 75% on conversion, and will also be allotted to Aegis Investment Fund and three non-promoter individuals. The board also approved renaming the company to Expo Engineering and Projects Ltd, hiking Managing Director Hasanain S. Mewawala's remuneration from Rs 12 lakh to Rs 30 lakh per annum (a 150% jump) effective April 1, 2025, and appointing Mr Sunil Sawant as internal auditor for FY26. Audited FY25 results show net profit of Rs 318.29 lakhs (vs Rs 75.53 lakhs in FY24) with EPS of Rs 1.37. An EGM is scheduled for June 27, 2025 to seek shareholder approval for these items.
Shareholders will see dilution potential of up to ~10% from the Rs 22 crore preferential warrant issue once converted, alongside a notable jump in promoter management pay. The FY25 profit more than quadrupled year-on-year, but warrant allotment and the remuneration hike will both require EGM approval on June 27.