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Lloyd Electric to raise Rs 250 crore

24 Dec 2014 Evaluate

Lloyd Electric & Engineering has received its board’s approval to raise funds for an amount not exceeding Rs 250 crore through issuance of securities including equity shares or equity linked securities, including through Qualified Institutional Placement (QIP).

The board of directors also approved the proposal to increase the authorized share capital of the company in conformity with section 61 and 64 of the Companies Act, 2013 from Rs 50 crore divided into 50 million equity shares of Rs 10 each to Rs 70 crore divided into 70 million equity shares of Rs 10 each by creation of additional 20 million equity shares of Rs 10 each ranking pari-passu in all respect with the existing equity shares and alteration of capital clause contained in memorandum of association under section 13 and 61 of the companies Act, 2013.

Further, the company’s board approved proposal to conduct postal ballot for obtaining the shareholder's approval for the above matters.

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