Lloyds Steels rights issue of Rs. 99.90 Cr. approved by board

Lloyds Steels rights issue of Rs. 99.90 Cr. approved by board

Lloyds Steels rights issue of Rs. 99.90 Cr. approved by board

Lloyds Steels Industries Limited’s Board of Directors held a meeting on June 14, 2023 (Wednesday) to discuss various matters. During the meeting, which took place between 4:00 PM and 4:30 PM at the company’s Corporate Office, the board approved a rights issue of fully paid-up equity shares. The total value of the rights issue will not exceed Rs. 9,990 Lakhs (Rupees Nine Thousand Nine Hundred Ninety Lakhs).

The rights issue will be offered to eligible equity shareholders of Lloyds Steels Industries Limited on a Record Date, which will be determined and notified at a later date. The issuance of equity shares will be carried out in compliance with relevant laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), 2018, and any other necessary approvals.

To oversee the rights issue, the board also formed a committee called the Rights Issue Committee or Securities Issue Committee. This committee will be responsible for determining the terms and conditions of the rights issue, including the rights entitlement ratio, issue price, record date, timing, and other related matters.

Also Read: KEC International secures orders worth Rs. 1,373 crore

In trading news, Lloyds Steels Industries Limited shares were last traded on the BSE at Rs. 26.33, slightly higher than the previous closing price of Rs. 25.73. The total number of shares traded during the day amounted to 1,355,004 in over 3,058 trades.

About Lloyds Steels:

Lloyds Steels Industries Limited is an Indian company that specializes in designing and manufacturing heavy equipment, machinery, and systems for various industries, including the hydrocarbon sector, oil and gas, steel plants, power plants, nuclear plant boilers, and turnkey projects. The company primarily operates in the Engineering Products and Services segment.

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