Expo Engineering and Projects Ltd has received listing approval from the Bombay Stock Exchange (BSE) for 31,45,715 equity shares. These shares were issued on a preferential basis through the conversion of warrants, marking a significant step in the company's capital structure adjustments.

The approved shares carry a face value of ₹4 each and were issued at a premium of ₹66 each. The issuance was directed to both promoters and non-promoters, reflecting a broad-based allocation strategy within the company's existing shareholder base.

Listing Approval Details

The BSE granted approval on September 30, 2026, following the company's application under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company formally acknowledged this approval in a filing dated October 1, 2026.

Compliance and Trading Conditions

The exchange stipulated that trading approval will be granted only after Expo Engineering files specific documents with the BSE. These requirements ensure regulatory compliance and proper depository integration.

• Listing approval from the National Stock Exchange of India Ltd., if applicable.
• Confirmation letters from NSDL or CDSL regarding the crediting of shares to beneficiary accounts.
• Confirmation letters from NSDL or CDSL regarding the lock-in of pre-preferential holding, if applicable.

Furthermore, the company must comply with Regulation 167 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations. Any change exceeding two percent of the total paid-up share capital requires the company to file its shareholding pattern in XBRL mode as per Regulation 31(1)(c) of the SEBI LODR Regulations, 2015.

Regulatory Timeline

Per Schedule XIX of the ICDR Regulations and SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023, listed entities must apply for trading approval within seven working days from the date of grant of listing approval. Non-compliance with this timeline attracts fines as specified by the regulator.

Expo Engineering and Projects Limited has approved an amendment to the draft scheme of merger by absorption of Expo Project Engineering Services Private Limited, revising the share exchange ratio to 14:1.

The board meeting held on September 24, 2026, considered the revision in the share exchange ratio pursuant to Sections 230 to 232 of the Companies Act, 2013. This decision follows a recommendation from the Audit Committee and the Committee of Independent Directors, based on an addendum to the valuation report and fairness opinion.

Revised share exchange terms

Under the amended scheme, Expo Engineering will issue and allot 14 equity shares of face value ₹4 each, credited as fully paid-up, to the equity shareholders of Expo Project Engineering Services Private Limited for every 1 equity share of face value ₹10 each held by them. This adjustment replaces the previous terms disclosed in the June 30, 2026, board outcome.

The scheme remains subject to approvals from BSE Limited, the Securities and Exchange Board of India (SEBI), the National Company Law Tribunal (NCLT), and other competent authorities as applicable.

Impact on shareholding pattern

The merger will result in the issuance of 14,00,000 new equity shares to promoter shareholders of the transferor company. Consequently, the total share capital of the listed entity will increase from 2,59,42,115 shares to 2,73,42,115 shares upon completion of the scheme.

What the numbers show

The revised exchange ratio directly impacts promoter concentration. The allotment of 14,00,000 shares to promoters increases their holding from 55.72% to 57.99%, diluting public shareholders' stake from 44.28% to 42.01%. This shift reflects the consolidation of ownership within the promoter group following the absorption of the private subsidiary.