Expo Gas Containers Ltd updates on issue of shares

The Board of Directors of Expo Gas Containers Ltd at its meeting on December 07, 2013 has considered and reviewed the order of the Securities Appellate Tribunal, Mumbai in the appeal No. 115/2013 and took on record the said order.

As per the aforesaid order the M/s. Jawad Trading Pvt. Ltd surrendered 67,50,000 equity shares of Rs 4/- each to the Company. The Board authorised the Managing Director to Intimate the Registrar of Company.

The Board also directed the Managing Director to make necessary application to Stock Exchange for Listing and trading permission for 45,00,000 equity shares of face value of Rs 4/- each.

The Board taking into account the Financial requirements of the company and to keep the capital of the company intact and for better prospect decided and recommended for the approval of the members, a NEW ISSUE of 67,50,000 convertible warrants as per ICDR Regulation 2009 at a price of Rs. 6.5 per share for each convertible warrants of face value of Rs 4/- each. The Promoters are participating entirely for the said issue of 67,50,000 convertible warrants into equity shares. Further note that the loans and advances of the promoters lying in the Company will first be adjusted against the call money and balance will be payable by the promoters on or before the allotment of convertible warrants.

Shares of Expo Gas Containers Ltd was last trading BSE at Rs.6.20, down by Rs.0.04 or 0.64%. The stock hit an intraday high of Rs.6.55 and intraday low of Rs.6.

The total traded quantity was 0.37 lakh shares as compared to 2 week average of 9306 shares.

Source : Equity Bulls

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