Lloyds Metals and Energy Limited’s Board has approved the allotment of 1,76,20,550 new equity shares following the conversion of Preferentially Issued Convertible Warrants by Non-Promoters. The allotment price is ₹740 per share, issued at a premium of ₹739. This action increases the company’s issued capital to 56,27,85,088 shares. Additionally, the Board approved the acquisition of up to 49% equity stake in a Cayman Island entity, Virtus Lloyds Minerals Holding, for up to USD 1 million.
Approval of Equity Share Allotment via Warrant Conversion
At the Board meeting held on Friday, March 13, 2026, the directors approved the allotment of equity shares resulting from the conversion of Preferentially Issued Convertible Warrants held by Non-Promoters. This move is in continuation of an earlier allotment of 3,67,95,000 warrants made on September 18, 2024, and September 25, 2024.
A total of 1,76,20,550 warrants, exercised by Non-Promoter warrant holders, were converted into an equal number of equity shares. The conversion was executed upon receipt of the balance subscription amount of ₹481 per warrant (which is 65% of the total issue price).
Issue Price and Premium Details
The allotment of these new equity shares was made at an issue price of ₹740 per share. This comprises a Face Value of ₹1 (Rupee One) and a Securities Premium of ₹739 (Rupees Seven Hundred and Thirty-Nine) per share.
The total amount received for the conversion exercise across all allottees amounted to ₹847,54,84,550 (Rupees Eight Hundred and Forty-seven Crore Fifty-Four Lakh Eighty-Four Thousand Five Hundred and Fifty Only).
Impact on Share Capital
Post-allotment, the company’s capital structure reflects the following changes:
- Issued Capital: Increased from 54,51,64,538 shares to 56,27,85,088 shares (Face Value of ₹1 each).
- Subscribed and Paid-Up Capital: Similarly increased to 56,27,85,088 shares.
These newly allotted shares will rank pari passu with existing equity shares concerning dividends and voting rights.
Acquisition of Cayman Island Entity
In a separate key decision, the Board approved a proposal for its wholly owned subsidiary, Lloyds Global Resources FZCO (“LGRF”), to acquire an equity stake in Virtus Lloyds Minerals Holding (“VLMH”), located in the Cayman Islands.
Acquisition Terms
- Target Entity Focus: VLMH is incorporated to invest in copper and cobalt assets in the Democratic Republic of the Congo (‘DR Congo’).
- Stake Acquired: LGRF intends to acquire up to 49% equity stake in VLMH.
- Consideration: The maximum aggregate consideration for the acquisition is USD 1 million (United States Dollars One Million), to be paid in one or more tranches.
- Timeline: The acquisition is expected to complete by the end of April, 2026.
Source: BSE
