Expo Engineering and Projects Confirms No Deviation in Utilization of Convertible Warrants Proceeds
Expo Engineering and Projects Ltd. (formerly Expo Gas Containers Ltd.) has confirmed that there was no deviation or variation in the utilization of proceeds raised through a preferential issue of convertible warrants for the quarter ended March 31, 2026.The company reported that the utilization of funds for the quarter ended March 31, 2026, remains consistent with the original project plan and allocations.
The fund-raising activity involved a Preferential Issue of Convertible Warrants. The specifics of the issue include:
- Warrant Details: 31,45,715 convertible warrants.
- Face Value/Price: Face value of Rs. 4/- (Rupees Four) each, issued at a price of Rs. 70/- per warrant, which includes a premium of Rs. 66/- per warrant.
- Total Aggregate Amount: Rs. 22,02,00,050 (Rupees Twenty-Two Crore Two Lakh Fifty Only).
- Date of Issue: September 26, 2025.
The total issue size of Rs. 22,02,00,050 was realized partially during the quarter ended September 30, 2025, when the company received 25% of the issue, totaling Rs. 5,50,50,012/-. The remaining 75% (Rs. 52.50 per warrant) is scheduled to be received upon the conversion option being exercised by warrant holders over an 18-month tenure. As of the quarter ended March 31, 2026, the company had not received any proceeds from the conversion of warrants into equity shares.
The company provided a detailed review of the fund utilization for the quarter, showing no changes or deviations across the allocated objects:
| Original Object | Original Allocation (Amount in Crore.) | Funds Utilised (Amount in Crore) | Amount of Deviation / Variation for the Quarter | Remarks |
|---|---|---|---|---|
| Augment working capital needs of the Company for purchase of raw materials, consumables etc. | 5.13 | 3.82 | Not Applicable | No deviation |
| For general corporate purposes | 3.00 | 0.87 | Not Applicable | No deviation |
| Repayment of debts i. e. existing loan repayment of Saraswat Bank and other Banks | 14.00 | 0 | Not Applicable | No deviation |
| Total | 22.02 | 4.69 | N/A |
The Audit Committee reviewed the statement and noted that there was no deviation or variation in the use of funds raised by the company.
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