Lloyds Steel Industries to issue shares at Rs.11.65

The Board of Directors of Lloyds Steel Industries Ltd at its meeting held on February 01, 2012, has considered and approved the issue of Equity Shares of face value of Rs. 10/- each on preferential basis at a price of Rs. 11.65 per share higher than the price calculated in accordance with Preferential Issue Guidelines contained in SEBI (ICDR) Regulations, 2009.

The company will allot the shares to State Bank of India - 4,92,61,802 Equity Shares against part conversion of their existing loan, Shree Global Tradefin Limited (Promoter Group) - 3,20,00,000 Equity Shares, Ultimate logistics Solutions Private Ltd. (Non Promoter) - 8,15,00,000 Equity Shares and Siddharth Holdings Pvt. Ltd (Non Promoter) - 8,15,00,000 Equity Shares. The company will issue shares aggregating to 24,42,61,802 Equity Shares, subject to necessary approvals as may be required.

The Board approved increase in Authorised Share Capital of the Company from Rs. 750 Crores to Rs. 2000 Crores and consequent amendments in the Authorised Share Capital Clauses of the Memorandum and Articles of Association of the Company.

The Extra Ordinary General Meeting of the members of the Company will be held on March 01, 2012 to consider and approve the aforesaid matters.

The Lloyds Steel Industries Ltd stock closed the day at Rs.13.23, up by Rs.0.95 or 7.74%. The stock hit an intraday high of Rs.14.33 and low of Rs.12.45.

The total traded quantity was 29.53 lakhs compared to 2 week average of 7.61 lakhs.

Source : Equity Bulls

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