LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange regarding Board meeting held on December 29, 2025.
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On December 29, 2025, the Board of Lloyds Engineering Works Limited (LEWL) approved a draft scheme to merge three group entities — Lloyds Infrastructure & Construction Ltd (LICL, 24.20% held), Metalfab Hightech Pvt Ltd (76% held), and Techno Industries Pvt Ltd (100% held) — into LEWL with effect from April 1, 2025. Shareholders of LICL will get 1,798 LEWL shares for every 1,500 LICL shares, and Metalfab shareholders will get 94 LEWL shares for every 5 Metalfab shares, while no new shares are issued for TIPL since LEWL fully owns it. The merger will result in about 38.1 crore new shares being issued, expanding total equity from 147.42 crore to 185.52 crore shares, which will dilute promoter holding from 49.26% to 39.14% and raise public shareholding from 50.73% to 60.85%. On a pro-forma H1FY26 basis, the combined entity reports total income of ₹1,484.3 crore, EBITDA of ₹242.1 crore, PAT of ₹161 crore, and a combined order book of about ₹6,150 crore. The scheme, treated as a related party transaction done at arm's length, is subject to NCLT, SEBI, CCI, stock exchange, and shareholder approvals.
Existing shareholders will face equity dilution of roughly 26%, with the promoter stake falling by about 10 percentage points, while gaining exposure to a much larger, vertically integrated engineering and infrastructure business with a ₹6,150 crore order book. The stock may see short-term volatility on dilution concerns, but longer-term it positions LEWL as a full 'design-to-execution' player with stronger bidding power and revenue visibility.