Thriveni Earthmovers Private Limited made an offer to acquire 44.3% stake in Lloyds Metals and Energy Limited (BSE:512455) for INR 2.3 billion on May 14, 2021. Under the terms of the consideration, Thriveni will acquire approximately 110 million shares for INR 20 per share in cash. In a related transaction, Thriveni is being allotted 90 million equity shares and 10 million fully convertible debentures.

The Acquirer has confirmed that it has adequate and firm financial resources to fulfil the obligations under the Open Offer and has made firm financial arrangements for implementation of the Open Offer. When coupled with the other dilutives present in the capital structure of Lloyds, the stake being acquired will amount to 25.37%. Transaction is subject to Lloyds shareholder approval and other customary conditions.

As on August 3, 2021, the independent board committee recommend the transaction. Tender offer will commence on July 7, 2021 and will close on July 20, 2021. As per revised schedule, tender offer will open on August 6, 2021 and closes on August 23, 2021.

Manish Gaur of Mark Corporate Advisors Private Limited acted as manager for Thriveni regarding the tender offer. Arvind Tandel of Bigshare Services Private Limited acted as registrar to Thriveni Earthmovers Private Limited.