Lloyds Metals and Energy Ltd board approves fund raising proposal

The Board of the Directors of Lloyds Metals and Energy Limited at their meeting held today i.e. 18th May, 2020 has considered and approved the fund raising proposal subject to the approval of the members in the AGM and appropriate authorities.

The Board has decided to issue and allot by way of Preferential Allotment upto 2,40,00,000 Convertible Warrants of Re. 1/- at a premium of Rs. 6.50 each aggregating to Rs 18,00,00,000/- each to Mr. Ravi Agarwal - 40,00,000, Mr. Madhur Rajesh Gupta - 40,00,000, Mr. Shreekrishna M. Gupta - 40,00,000 and Lloyds Metals & Minerals Trading LLP - 1,20,00,000 belonging to Promoters / Promoter Group on Preferential Allotment basis.

The Board has decided to issue and allot by way of Preferential Allotment upto 2,66,50,000 9% Optionally Fully Convertible Debentures ("OFCDs") of Face Value of Rs. 7.50 each at par aggregating to Rs. 19,98,75,000/- to Clover Media Private Limited ("Strategic Investor") on Preferential Allotment basis and such OFCD may be converted at the option of Debenture holder within a time frame of not exceeding 18 months from the date of allotment into one fully paid up Equity shares of Re. 1/- each of the Company at a price of Rs. 7.50 (including premium of Rs. 6.50) per share being the price which is higher than the price of Rs. 7.49 per share which is being computed in accordance with the price determined as per SEBI regulations.

Shares of LLOYDS METALS AND ENERGY LTD. was last trading in BSE at Rs.6.98 as compared to the previous close of Rs. 7.75. The total number of shares traded during the day was 22161 in over 113 trades.

The stock hit an intraday high of Rs. 7.8 and intraday low of 6.98. The net turnover during the day was Rs. 160188.

Source : Equity Bulls

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