Monitoring Agency Report under Regulation 32 of Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Awaiting price reaction for this filing.
Lloyds Metals submitted Monitoring Agency Reports (by India Ratings & Research) for the quarter ended 30 June 2025, covering two capital raises. The QIP (July 2024) of ₹1,218 crores (1.75 cr shares at ₹696) has been largely deployed: ₹1,147.61 cr used (₹54 cr in Q1), with ₹70.39 cr still unutilized, mainly parked in ICDs and bank FDs. Objects include a 4 MTPA pellet plant at Konsari (₹916.13 cr) and general corporate purposes (₹285.55 cr), with no deviation. The Preferential Issue (Sept 2024) of 4 cr convertible warrants at ₹740 was undersubscribed by 32.05 lakh warrants, reducing the effective size to ₹2,722.83 cr; only 35% upfront money (₹952.99 cr) has been received so far. Of that, ₹911.47 cr has been deployed (₹14.07 cr in Q1), with ₹41.53 cr unutilized, directed toward DRI plant expansion, a second 4 MTPA pellet plant, and GCP. No deviation from objects was observed in either issue, though the DRI plant expansion is delayed by more than 3 months.
No negative flags from the monitoring agency on use of funds, but shareholders should note (a) a project delay of 3+ months in the DRI expansion at Ghugus and (b) ₹30.31 crores from QIP proceeds paid to a related party (Lloyds Infrastructure & Construction Limited). The undersubscription of the preferential issue also means planned capex is funded below original estimates. Overall, this is a routine compliance filing, but the related-party outflow and project delay are points to watch.