Lloyd Electric & Engineering Ltd approves issue of 60 lakh warrants

The Board of Directors of Lloyd Electric & Engineering Ltd at its meeting held on January 28, 2015, have approved the proposal to issue up to 60,00,000 warrants to entities within the Promoter Group / Persons Acting in Concert on preferential basis subject to shareholders' approval and necessary regulatory approvals. The warrants will be convertible into equivalent number of Equity shares of Rs. 10/- each and will be issued at a price not lower than price calculated in accordance with the provisions of Chapter VII of Securities and Exchange Board of India [Issue of Capital and Disclosure Requirements] Regulations, 2009 and on such further terms and conditions specified in the said guidelines.

The Board approved re-appointment of Independent Directors for a tenure of 5 years in compliance with the new provisions of the Companies Act, 2013.

The Board approved proposal to conduct Postal Ballot for obtaining the shareholder's approval for the above matters.

Shares of LLOYD ELECTRIC & ENGINEERING LTD. was last trading in BSE at Rs.138.15 as compared to the previous close of Rs. 151.1. The total number of shares traded during the day was 344133 in over 10925 trades.

The stock hit an intraday high of Rs. 143.5 and intraday low of 126.6. The net turnover during the day was Rs. 46997658.

Source : Equity Bulls

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