Monitoring Agency Report under Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Lloyds Metals and Energy has filed the Monitoring Agency report (by India Ratings & Research) for the quarter ended 31 March 2025, covering both its QIP and Preferential Issue. The QIP of ₹1,218 crore (raised in July 2024 through 1.75 crore shares at ₹696) has been deployed with ₹792.18 crore used for the 4 MTPA pellet plant at Konsari, ₹285.55 crore for general corporate purposes (fully utilized), and ₹15.88 crore for issue expenses; ₹123.95 crore remains unutilized. The Preferential Issue of convertible warrants worth ₹2,960 crore (raised September 2024, subscribed ₹2,722.83 crore, with ₹952.99 crore received as 35% upfront) has seen ₹329.49 crore used for DRI plant expansion at Ghugus, ₹341.90 crore for the second 1x4 MTPA pellet plant at Konsari, and ₹226 crore for general corporate purposes, with ₹55.60 crore unutilized. The Monitoring Agency confirmed no deviation from stated objects in either issue. Some payments (₹31.35 crore and ₹0.34 crore) were made to related party Lloyds Engineering Works Limited.
Shareholders get comfort that the over ₹4,000 crore raised through QIP and warrants is being used as planned for capacity expansion in pellets and DRI, with no fund diversion reported. The pellet plant project is targeted for completion by 30 September 2025, which could drive future revenue growth. Watch points include related-party payments to Lloyds Engineering Works Limited and the proportionate cut in deployment due to undersubscription of warrants.