Intimation of Acquisition of 49.99% Equity Stake in Thriveni Pellets Private Limited and 19.40% Equity stake in Mandovi River Pellets Private Limited
LLOYDSME · price
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Lloyds Metals' board approved acquiring a 49.99% stake in Thriveni Pellets Private Limited (TPPL) for Rs. 200 crore in cash plus Rs. 285.88 crore via share swap (19,57,458 shares issued at Rs. 1,460.50 each on a preferential basis). It also approved subscribing to a 19.40% stake in Mandovi River Pellets Private Limited for Rs. 16.49 crore. Both deals are with related parties (Thriveni group) and will be at arm's length, subject to shareholder and CCI approvals. Separately, the board approved a public NCD issuance of up to Rs. 2,500 crores, setting up a wholly owned subsidiary in Dubai (DMCC) with an outlay of about Rs. 597 crores, and allotting 31 lakh shares on conversion of warrants. Q1 FY26 standalone revenue stood at Rs. 2,408.43 crore with profit after tax of Rs. 634.58 crore, up sharply from Rs. 202.47 crore in the previous quarter. An EGM has been called for September 11, 2025.
This is a major capacity and vertical-integration push into the pellets business via related-party acquisitions, backed by a large Rs. 2,500 crore NCD raise, which could pressure the balance sheet but expand the iron-ore-to-pellets value chain. Shareholders should watch for shareholder approval at the September 11 EGM, potential dilution from preferential share issuance, and synergies with existing mining operations.