Lloyds Steels Industries Limited board approves issue of OFCDs

The Board of Directors of Lloyds Steels Industries Limited in the meeting held today i.e. Saturday, 25th December 2021 have considered and approved the issue and allot by way of Preferential Allotment up to 1,51,80,000 12% Optionally Fully Convertible Debentures ("OFCDs") of Face Value of Rs. 13.65/- each at par aggregating to Rs. 20,72,07,000/- to persons belonging to Non Promoters ("Proposed Allottees" / "Debentureholders") on Preferential Allotment basis. The allottees include:

Asha Om Hari Halan - 30,00,000
Sujata Vimal Hari Halan - 30,00,000
Anju Ajay Kumar Halan - 30,00,000
Pravina Pavan Kumar Halan - 30,00,000
Vishakha Narayan Hari Halan - 30,00,000
Gajanand Shyamsunder Mundhra - 1,80,000

The purpose to raise the fund is general corporate purpose like working capital & needed Capex. This would ensure that the company retains its virtual debt free status in spite of planned growth.

Subject to approval of the members in the Extra Ordinary General Meeting and appropriate authorities, the Board has approved the increase in the authorized share capital of the Company from Rs. 110,00,00,000/- divided into 110,00,00,000 equity shares of Re. 1 each to Rs. 120,00,00,000/- divided into 120,00,00,000 equity shares of Re. 1 each and consequent alteration in Capital Clause V of the Memorandum of Association of the Company relating to share capital of the Company.

Shares of Lloyds Steels Industries Limited was last trading in BSE at Rs. 15.54 as compared to the previous close of Rs. 14.80. The total number of shares traded during the day was 2199499 in over 2983 trades.

The stock hit an intraday high of Rs. 15.54 and intraday low of 15.00. The net turnover during the day was Rs. 34141676.00.

Source : Equity Bulls

Keywords

LloydsSteelsIndustries INE093R01011 PreferentialAllotment OFCDs FundRaising