Shree Global Tradefin Limited completed the acquisition of additional 0.005% minority stake in Lloyds Steels Industries Limited for INR 0.05 million.
April 27, 2021
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Shree Global Tradefin Limited (BSE:512463) made an open offer to acquire an additional 26% minority stake in Lloyds Steels Industries Limited (BSE:539992) for approximately INR 230 million on January 28, 2021. As a part of transaction, Shree Global Tradefin Limited will acquire 233.6616 million shares of Lloyds Steels Industries Limited at a price of INR 1 per share in cash. Shree Global Tradefin Limited has adequate financial resources and has made firm financial arrangements for implementation of the Open Offer. The Open Offer obligation shall be met through own resources of Shree Global Tradefin Limited and no borrowings from any bank and/or financial institution are envisaged. Post completion of offer, Shree Global Tradefin Limited will hold 479.792128 million shares, representing 53.39% stake in Lloyds Steels Industries Limited. In a related transaction, Shree Global Tradefin Limited entered into a share purchase agreement to acquire an additional 46.12% minority stake in Lloyds Steels Industries Limited from First India Infrastructure Private Limited and Metallurgical Engineering and Equipments Limited for approximately INR 300 million on January 28, 2021. There may be changes in the composition of Board of Directors of Lloyds Steels Industries Limited after the completion of Offer, no proposal in this regard has been finalized yet. Shree Global Tradefin Limited will be the Promoter of Lloyds Steels Industries Limited, after completing all the Open Offer formalities pursuant to the Regulations.
The Offer is unconditional and not subject to any minimum level of acceptance from the shareholders. The Board of Directors of Lloyds Steels Industries Limited are required to constitute a committee of Independent Directors to provide reasoned recommendation on this Offer to the Eligible Shareholders. As on April 7, 2021, transaction is approved by the Board of Lloyds Steels Industries Limited. Tender offer is open for acceptance from March 24, 2021 to April 8, 2021. As of April 5, 2021 the Tender offer will be open for acceptance from April 12,2021 to April 28, 2021. Manish Gaur of Mark Corporate Advisors Private Limited acted as financial advisor and manager to the offer for Shree Global Tradefin Limited. Arvind Tandel of Bigshare Services Pvt. Ltd. acted as registrar to Shree Global Tradefin Limited.
Shree Global Tradefin Limited (BSE:512463) completed the acquisition of additional 0.005% minority stake in Lloyds Steels Industries Limited (BSE:539992) for INR 0.05 million on April 28, 2021. During offer period, Shree Global Tradefin Limited acquired 0.045 million shares.
Lloyds Engineering Works Ltd, formerly Lloyds Steels Industries Limited, is an India-based designer and manufacturer of heavy equipment, machinery and systems for the hydrocarbon sector, oil and gas, steel plants, power plants, nuclear plant boilers and turnkey projects. It operates in the Engineering Products and Services segment. It is engaged in design, engineering, manufacturing, fabrication, supply, erection, and commissioning of all types of mechanical, hydraulic, structural, process plants, metallurgical, chemical plants equipment, including marine loading/unloading arms, truck/wagon loading/unloading arms, columns, pressure vessels, dryers, boilers, power plant, steel plant equipment, capital equipment and execution of turnkey and engineering procurement construction (EPC) projects. Its projects include a 30-megawatt (MW) Power Plant and a Pellet Plant. It serves hydrocarbon, steel, nuclear power, marine, ports, jetty and refineries, and engineering procurement construction.
LLOYDS ENGINEERING WORKS LIMITED 
