Acquisitions15 Oct 2024, 08:05 pm
Lloyds Engineering Works Ltd Approves Preferential Allotment of Shares to Promoter of Techno Industries Private Limited
AI Summary
Lloyds Engineering Works Ltd has approved the allotment of 1,76,05,634 equity shares to Mr. Bharat Patel, promoter of Techno Industries Private Limited (TIPL), in lieu of acquisition of their 66% stake in TIPL through swapping of equity shares. This move will make Lloyds Engineering Works Ltd the holding company of TIPL with immediate effect. The allotment is at a premium of Rs. 84.20 per equity share, amounting to Rs. 150,00,00,016.80. The company has received in-principle approval from BSE Limited and National Stock Exchange of India Limited for the aforesaid preferential issue.
Key Highlights
- Lloyds Engineering Works Ltd to acquire 66% stake in Techno Industries Private Limited through equity share swap.
- Mr. Bharat Patel, promoter of TIPL, to receive 1,76,05,634 equity shares of Lloyds Engineering Works Ltd at a premium of Rs. 84.20 per share.
- The transaction amounts to Rs. 150,00,00,016.80.
- Lloyds Engineering Works Ltd to become the holding company of TIPL with immediate effect.
- In-principle approval received from BSE Limited and National Stock Exchange of India Limited for the preferential issue.