Lloyds Engineering Works’ Securities Issue Committee approved a significant preferential allotment of 7,00,42,458 equity shares at ₹71.25 per share, raising approximately ₹499.05 crore. This allotment, conducted as a share swap for acquiring shares in Steel Infra Solutions Company Limited, and another allotment of 7,00,000 equity shares for cash consideration of ₹71.25 per share, totaling ₹4.98 crore, substantially increases the company’s paid-up capital.
Lloyds Engineering Works Approves Major Share Allotments
The Securities Issue Committee of the Board of Directors of Lloyds Engineering Works has approved a substantial preferential allotment of 7,00,42,458 equity shares. Each share, with a face value of ₹1, was allotted at an issue price of ₹71.25 (including a premium of ₹70.25). This transaction aggregates to a total of ₹499,05,25,132.50 and was conducted on a preferential allotment basis. The allotment was made to entities that are shareholders of Steel Infra Solutions Company Limited (“SISCOL”) in lieu of the acquisition of 1,66,35,087 equity shares of SISCOL, executed through a share swap.
Cash Consideration Allotment and Investor Details
In a separate transaction, the Committee also approved the allotment of 7,00,000 equity shares at the same issue price of ₹71.25 per share. This second allotment, aggregating to ₹4,98,75,000, was made to Non-Promoters for cash consideration. This move significantly enhances the company’s equity capital base.
The preferential issue, conducted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, involved 26 investors for consideration other than cash and 1 investor for cash consideration. Notably, Prime Securities Limited is an allottee for both cash and non-cash consideration.
Impact on Paid-Up Capital
Following these allotments, the paid-up equity capital of Lloyds Engineering Works has increased from ₹147,87,84,399.50 (representing 148,02,96,454 equity shares) to ₹154,95,26,857.50 (representing 155,10,38,912 equity shares). The issue price for all shares was ₹71.25 (₹1 face value plus ₹70.25 premium).
Shareholding Changes
The document also details the pre and post-preferential shareholding of allottees. For instance, Ravikant Uppal’s pre-preferential shareholding was 1,57,79,393 shares, and post-allotment, it remains the same, representing 1.02% of the post-allotment shareholding. Other investors like Rajagopal Kannabiran, Niladri Sarkar, Ranjan Sharma, and Poonam Sharma also saw their shareholding percentages reflected in the updated capital structure.
Source: BSE
