Revised outcome on account of changes in the price of the convertible warrants which is revised from Rs. 60/- to Rs.70/- Hence there is change in the value of the warrant, number of warrants ....
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Expo Gas Containers Limited has revised its earlier board approval to raise up to Rs. 22.02 crore by issuing 31,45,715 fully convertible warrants, with the warrant price increased from Rs. 60 to Rs. 70 per warrant. Each warrant is convertible into one equity share of face value Rs. 4 at a premium of Rs. 66 per share. Allottees include two promoters (Murtuza S. Mewawala and Hasanain S. Mewawala) and four non-promoter investors, including Aegis Investment Fund PCC-Niveza. Investors will pay 25% upfront at application and the remaining 75% at the time of conversion, which must happen within 18 months from allotment. An EGM is scheduled for June 27, 2025 to seek shareholder approval for the preferential issue.
Existing shareholders will see dilution once warrants convert into equity shares, while promoters are actually increasing their stake which signals confidence in the company. The higher issue price (Rs. 70 vs Rs. 60) means the company raises the same Rs. 22.02 crore but with fewer warrants, slightly reducing the dilution burden compared to the earlier proposal.