Intimation of Cessation of Wholly Owned Subsidiary - Lloyds Surya Private Limited
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Lloyds Metals & Energy's wholly owned subsidiary, Lloyds Surya Private Limited (LSPL), allotted approximately 56.6 crore equity shares to Thriveni Earth Movers and Infra Private Limited (TEIL), which is itself a subsidiary of the company, for a total consideration of Rs. 60 crore via private placement at Rs. 1.06 per share. As a result, LSPL has ceased to be a wholly owned subsidiary and has become a step-down subsidiary (held through TEIL). The company's direct shareholding count in LSPL remains unchanged, but its percentage has been diluted to 0.18% of total paid-up capital. LSPL had nil income and a negative net worth of Rs. 18.92 lakhs as of March 31, 2025, indicating it is not a revenue-generating entity.
This is an internal group restructuring with no material financial impact on shareholders, as LSPL generated no revenue and had negative net worth. The transaction is essentially a reorganisation within the company's group structure, with no cash outflow or change in ultimate economic interest.