Expo Engineering & Projects Limited (formerly known as Expo Gas Containers Limited) has announced a new contract, potentially signaling positive momentum for the company's operations.

Contract Details

The company has secured a work order from Indian Oil Corporation Limited (IOCL), Haldia Refinery, valued at approximately Rs 14.53 crore, inclusive of taxes. This development was disclosed by the company in a regulatory filing to the Bombay Stock Exchange.

Project Scope and Implications

The work order pertains to a rate contract for Tank M and I Agency at IOCL's Haldia Refinery. While specific details about the scope of work are limited, such contracts typically involve maintenance, inspection, or installation services related to storage tanks in refineries.

This contract award may be viewed as a positive development for Expo Engineering & Projects, potentially indicating:

1. The company's competitive standing in the engineering services sector
2. Its capability to secure projects from major public sector undertakings like IOCL
3. A contribution to the company's revenue stream over the next two years

Company Background

Expo Engineering & Projects Limited, headquartered in Mumbai, operates in the engineering and projects sector. The company's ability to win contracts from prominent clients like IOCL suggests its established presence in the industry.

As the project unfolds, stakeholders will likely monitor its execution and potential impact on the company's financial performance in the coming quarters.

Expo Engineering & Projects Ltd, formerly known as Expo Gas Containers Ltd, has made a significant move to bolster its financial position by allotting convertible warrants on a preferential basis. The company's board of directors approved the allotment of 31,45,715 convertible warrants at ₹70 per warrant, raising a total of ₹22.02 crore.

Warrant Allotment Details

The warrants, each with a face value of ₹4 and a premium of ₹66, were allotted to both promoter and non-promoter categories. The breakdown of the allotment is as follows:

Terms of Allotment

The company has received 25% of the warrant issue price upfront, amounting to ₹5.51 crore. The remaining 75%, totaling ₹16.51 crore, will be payable upon conversion of the warrants into equity shares.

Conversion Rights

Warrant holders have been granted the right to convert their warrants into fully paid equity shares of the company within 18 months from the date of allotment. Each warrant is convertible into one equity share of the company.

Impact on Shareholding

The allotment is expected to have a significant impact on the company's shareholding structure. Notably, upon full conversion:

• Murtuza S. Mewawala's stake would increase from 11.33% to 15.09%
• Hasanain S. Mewawala's holding would rise from 9.27% to 8.69%
• Aegis Investment Fund PCC would see its stake grow from 3.41% to 8.45%

Regulatory Compliance

The allotment was made in accordance with the approval granted by shareholders at the Extra Ordinary General Meeting held on June 27, 2025, and the in-principle approval from BSE Ltd. The company has ensured compliance with SEBI regulations and the Companies Act, 2013.

Closing Remarks

This strategic move by Expo Engineering and Projects Ltd appears aimed at strengthening its capital base and potentially funding future growth initiatives. The successful allotment of warrants, particularly the significant participation from both promoter and non-promoter investors, may be seen as a vote of confidence in the company's future prospects.