Monitoring Agency Report for the quarter ended 31st March, 2026
LLOYDSME · price
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Lloyds Metals filed its Q4 FY26 monitoring agency report covering two fundraises: a QIP of INR 1,218 Crores (July 2024) and a Preferential Issue of INR 2,722.83 Crores (September 2024). The QIP proceeds are fully deployed (INR 1,217.67 Crores) into a 4 MTPA pellet plant at Konsari, which was completed by March 2026 despite a cost overrun from INR 1,625 Crores to INR 2,236 Crores. The Preferential Issue has deployed INR 2,085.93 Crores out of INR 2,722.83 Crores so far. India Ratings flagged concerns about INR 432.61 Crores paid to related parties for the pellet plant, with INR 196.61 Crores flowing further to promoter entity Thriveni Earthmovers. Both agencies noted the company deployed unutilized proceeds into Inter-Corporate Deposits of private companies including INR 475 Crores to Pune IT Space Solutions, a company with only INR 63 Crores in total assets. No formal deviation from stated objects was declared.
The monitoring agencies raised red flags on related party payments and interim deployment of issue proceeds in smaller private entities, though no formal deviation was declared. Investors should monitor the adequacy of documentation and cost justification given the significant project cost overrun.