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Hot Pursuit News

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(04 Jul 2024, 12:54)

Lloyd Metals hits record high as board OKs raising Rs 2,960 cr

Lloyd Metals rallied 5.03% to Rs 776.10 after its board approved the issuance of 4 crore convertible warrants on a preferential basis to promoters and non-promoters of the company, aggregating to the amount of Rs 2,960 crore.

The company will issue 4 crore warrants at a price of Rs 740 each with face value Re 1 and a premium of Rs 739 each.

The convertible warrants can be converted into equity shares with face value of Rs 1 each at a premium of Rs 739 each, within 18 months from the date of allotment , in one or more tranches.

Lloyds Metals and Energy is a metals and mining company engaged in mining iron ore, manufacturing sponge iron and generating power.

The company’s consolidated net profit rose 2.89% to Rs 276.8 crore on 74.43% jump in income from operations to Rs 1,562.4 crore in Q4 FY24 over Q4 FY23.

The counter hit an all time high of Rs 785.90 in today’s intra-day session.

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