Lloyds Metals and Energy inches up on raising Rs 1,218 crore through QIP
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Lloyds Metals & Energy is currently trading at Rs. 762.20, up by 1.80 points or 0.24% from its previous closing of Rs. 760.40 on the BSE.
The scrip opened at Rs. 776.90 and has touched a high and low of Rs. 776.90 and Rs. 762.20 respectively. So far 19262 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 785.90 on 04-Jul-2024 and a 52 week low of Rs. 447.15 on 11-Jul-2023.
Last one week high and low of the scrip stood at Rs. 785.90 and Rs. 739.60 respectively. The current market cap of the company is Rs. 38419.48 crore.
The promoters holding in the company stood at 65.69%, while Institutions and Non-Institutions held 0.74% and 33.56% respectively.
Lloyds Metals and Energy (LMEL) has successful raised of Rs 1,218 crore through a Qualified Institutional Placement (QIP). The company allotted 1.75 crore shares via the QIP. JM Financial was the sole Book Running Lead Manager for the QIP. The QIP garnered interest from a diverse range of investors, including long-only funds, mutual funds, insurance companies, and other key stakeholders, reflecting their belief in LMEL's vision and growth potential.
The proceeds from the QIP will be utilised for setting up a 4 MTPA pellet plant at Konsari, Maharashtra along with an iron ore and grinding unit, primarily for the production of blast furnace and DRI grade pellets, in line with the company’s business strategies and growth plans to achieve forward integration.
Lloyds Metals and Energy is into the business of manufacturing of sponge iron, power generation and mining activities.
