On June 15, 2022, Lloyds Metals and Energy Limited closed the transaction. The company amended the terms of the transaction. The transaction has been approved by the board of directors of the company for the allotment of 60,000,000 optionally fully convertible debentures at an issue price of INR 204.35.

The debentures mature on December 14, 2023. The transaction included participation from Sunflag Iron and Steel Company Limited.