Lloyds Metals and Energy Limited (BSE:512455) announced a private placement of 90,000,000 common shares of par value INR 1 per share at an issue price of INR 20 per share for gross proceeds of INR 1,800,000,000, and 10,000,000 3% optionally fully convertible debentures at a par value of INR 20 per debenture for gross proceeds of INR 200,000,000, for aggregate gross proceeds of INR 2,000,000,000 on May 14, 2021. The company will issue securities to new investor Thriveni Earthmovers Private Limited on preferential basis. Post closing, the investor will acquire 26.34% stake in the company. The debentures are unsecured, will mature in 18 months, carry fixed simple interest rate of 3% per annum, payable on half yearly basis or the period thereof up to the date of conversion or redemption whichever is earlier. Each debenture is convertible into one common share of the company at a fixed conversion price of INR 20 per share for a period of 18 months from the date of issuance. The transaction has been approved by the board of directors of the company, and is subject to the approval of the shareholders of the company in its annual general meeting, and other regulatory approvals.