New Delhi, Oct 20 (UNI) Lloyds Metals&Engineers Ltd today said its committee of directors will meet on Monday, inter-alia for allotment of 10,00,000 warrants to non-promoters on preferential basis.
The company earlier this month had decided to issue warrants convertible into equity shares of Rs 10 each to individual non-promoters on preferential basis at a price of Rs 92 a warrant.
Each warrant entitles the holder to apply for and obtain allotment of equity share against itself within a period of 18 months.
The company had said it would sub-divide its existing equity capital of nominal value of Rs 10 each fully paid up into shares of Rs 2 each.
Set up in 1977, the firm principal activities are to manufacture and market iron and steel.
It manufactures tubes, sponge iron and cold rolled steel coils and sheets including upstream and downstream products like pipes, tubes and engineering products.