Outcome of Board Meeting held on 13th March, 2026
LLOYDSME · price
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The board approved the allotment of 1,76,20,550 equity shares (face value Rs. 1) to 47 non-promoter allottees upon conversion of convertible warrants originally issued in September 2024. The shares were allotted at Rs. 740 per share (Rs. 1 face value + Rs. 739 premium), and the company received approximately Rs. 847.55 crore as the balance subscription amount. This increases the paid-up equity capital from 54,51,64,538 shares to 56,27,85,088 shares, a dilution of about 3.2%. Separately, the board approved the wholly owned subsidiary Lloyds Global Resources FZCO acquiring up to 49% stake in Virtus Lloyds Minerals Holding (VLMH), a newly incorporated Cayman Islands entity, for up to USD 1 million, to gain exposure to copper and cobalt mining assets in the Democratic Republic of the Congo.
The warrant conversion brings in roughly Rs. 848 crore of fresh capital at a premium, strengthening the company's funds for growth, though it modestly increases the share count. The overseas acquisition marks Lloyds Metals' entry into the critical minerals space (copper and cobalt) in Africa, which could be positive for long-term value if the DRC mining assets perform well.