Lloyds Engineering Works is planning to invest Rs 100 crore in Steel Infra Solutions Company (SISCOL), a subsidiary of the Company, by way of subscription to up to 3,33,33,334 equity shares of face value of Rs 1 each at an issue price of Rs 30 per equity share, on a preferential basis through private placement.
The said acquisition will be made in two tranches i.e. by payment of Rs 50 crore, payable at the time of subscription and allotment (Stage 1), and balance Rs 50 crore, payable on such date(s) as mutually decided by both the company from time to time by making call on the partly paid-up equity shares.
SISCOL is engaged in the business of heavy steel fabrication and infrastructure solutions, serving customers across the energy, infrastructure and industrial segments. This capital infusion will be of great support to manage the liquidity position and for smooth operations. The said transaction will complete within 18 months.
Lloyds Engineering Works (formerly known as Lloyds Steels Industries) is a designer and Manufacturer of Heavy Equipment, Machinery and Systems for Hydro Carbon Sector, Oil & Gas, Steel Plants, Power Plants, Nuclear Plant Boilers and Turnkey Projects.
