Expo Engineering & Projects Files NIL Deviation Statement for Preferential Issue Proceeds — Q4 FY26
Expo Engineering & Projects Limited has filed a NIL deviation statement under Regulation 32 of SEBI (LODR) Regulations, 2015, for the quarter ended 31st March 2026, confirming no variation in the utilisation of proceeds from its preferential issue of 31,45,715 convertible warrants aggregating to Rs. 22,02,00,050. As of the reporting quarter, total funds utilised stood at Rs. 4.69 crore across working capital and general corporate purposes, with no proceeds received during the quarter towards warrant conversion. The Audit Committee reviewed and confirmed the absence of any deviation or modification in the stated objects of the fund-raising exercise.

*this image is generated using AI for illustrative purposes only.
Expo Engineering & Projects Limited (formerly known as Expo Gas Containers Limited) has submitted a NIL statement of deviation or variation in the utilisation of funds raised through a preferential issue of convertible warrants, filed on 11th May 2026 under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended 31st March 2026. The statement, duly reviewed by the Audit Committee, confirms that there has been no deviation or variation in the utilisation of proceeds from the objects disclosed in the notice dated 4th June 2025, read with the corrigendum dated 21st June 2025, calling an Extra Ordinary General Meeting of the Company on 27th June 2025.
Preferential Issue Details
The company had raised funds through a preferential issue of convertible warrants to promoter and non-promoter categories. The key parameters of the fund-raising exercise are outlined below:
| Parameter: | Details |
|---|---|
| Mode of Fund Raising: | Preferential Issue of Convertible Warrants |
| Number of Warrants: | 31,45,715 |
| Face Value per Warrant: | Rs. 4/- |
| Issue Price per Warrant: | Rs. 70/- (including premium of Rs. 66/-) |
| Total Amount Raised: | Rs. 22,02,00,050 |
| Date of Raising Funds: | 26th September 2025 |
| Report Filed for Quarter Ended: | 31st March 2026 |
| Monitoring Agency: | NA |
| Deviation / Variation: | No |
Of the total issue size, the company received 25% upfront — amounting to Rs. 5,50,50,012/- (Five Crore Fifty Lakh Fifty Thousand Twelve only), at Rs. 17.50 per warrant for 31,45,715 warrants — as subscription amount during the quarter ended 30th September 2025. The balance 75% at Rs. 52.50 per warrant is receivable upon exercise of the conversion option by warrant holders within the 18-month tenure of the warrants. During the quarter ended 31st March 2026, the company has not received any proceeds towards conversion of warrants into equity shares.
Fund Utilisation Against Stated Objects
The table below presents the allocation and utilisation of funds against each stated object, as disclosed in the filing:
| Original Object: | Original Allocation (Amount in Crore) | Funds Utilised (Amount in Crore) | Remarks |
|---|---|---|---|
| Augment working capital needs for purchase of raw materials, consumables etc. | 5.02 | 3.82 | No deviation |
| General corporate purposes | 3.00 | 00.87 | No deviation |
| Repayment of debts (existing loan repayment of Saraswat Bank and other Banks) | 14.00 | 0.00 | No deviation |
| Total | 22.02 | 4.69 | — |
As evidenced by the table, no modification has been made to any of the stated objects, and there is no variation in the amount utilised relative to the disclosed purposes.
Audit Committee Review
The Audit Committee reviewed the statement and noted that there was no deviation or variation in the use of funds raised through the preferential issue. The statement will also be made available on the company's website at www.expogas.com . The filing was signed by Hasanain Mewawala, Managing Director (DIN 00125472), on 11th May 2026.
Historical Stock Returns for Expo Engineering & Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.46% | 0.0% | 0.0% | 0.0% | 0.0% | +915.04% |
Will warrant holders exercise their conversion option before the 18-month tenure expires, and what impact would full conversion of the remaining 75% (approximately ₹16.5 crore) have on the company's equity dilution and share price?
Given that debt repayment of ₹14 crore to Saraswat Bank and other banks remains unutilised, what is the company's revised timeline and strategy for addressing these obligations?
How will the company's rebranding from Expo Gas Containers Limited to Expo Engineering & Projects Limited influence its business diversification strategy and future fund-raising activities?


































