The Board of Directors of Lloyds Metals and Energy Limited approved the allotment of 1,76,20,550 equity shares resulting from the conversion of warrants by Non-Promoters. The shares were issued at a premium of ₹739, completing the full exercise price of ₹740 per share. Additionally, the Board sanctioned the acquisition of up to 49% equity stake in a Cayman Island entity, Virtus Lloyds Minerals Holding, for up to USD 1 million by its subsidiary, LGRF.
Equity Issuance Post Warrant Conversion
At the Board meeting held on 13th March, 2026, shareholders holding 1,76,20,550 convertible warrants opted for conversion into equity shares. This exercise involved receiving the balance subscription amount of ₹481 per warrant (65% of the issue price).
The Board approved the allotment of 1,76,20,550 equity shares of face value ₹1 each at a premium of ₹739 per share. The total issue price was ₹740 per share. These new shares rank pari passu with existing equity shares concerning dividends and voting rights.
Capital Structure Post-Allotment
Following this allotment, the company’s issued and paid-up capital increased:
- Issued Capital: Increased from 54,51,64,538 shares to 56,27,85,088 shares.
The details of the 47 Non-Promoter allottees who converted their warrants, along with the amount received (totaling ₹847,54,84,550), have been duly disclosed.
Strategic Investment in Cayman Islands Entity
The Board also approved a significant step for its wholly owned subsidiary, Lloyds Global Resources FZCO (“LGRF”).
Acquisition Details
- Target Entity: Virtus Lloyds Minerals Holding (“VLMH”), located in the Cayman Islands.
- Purpose: VLMH is structured as an investment company to facilitate the acquisition and development of copper and cobalt assets in the Democratic Republic of Congo (‘DR Congo’).
- Stake: Acquisition of up to 49% equity stake in VLMH.
- Consideration: Aggregate consideration of up to USD 1 million (United States Dollars One Million).
- Timeline: Expected to complete by the end of April, 2026.
The target entity, VLMH, was incorporated on 24th February, 2026, and as it is newly incorporated, no turnover details are available.
The Board Meeting commenced at 03:13 P.M. (IST) and concluded at 03:55 P.M. (IST).
Source: BSE
