ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Indocount Finance

EPW Research Foundation Lloyds Steel Industries THE flagship company of the Lloyds group, Lloyds Steel Industries is engaged in the manufacture of capital goods and execution of turnkey projects. With orders worth Rs 157 crore on hand the major clients of the company include ONGC, ISRO, Indian Navy, SAIL and several private sector companies. The company is now in the process of setting up an integrated steel project at Wardha which will be implemented in two phases. Phase I of the project which will be operational by October 1994 envisages the setting up of manufacturing capacity of four lakh tonnes per annum (tpa) of hot rolled coils (HRC), while phase II involves setting up manufacturing capacity of 2.25 lakh tpa of cold rolled coils (CRC) and one lakh tpa of galvanised plain sheets and galvanised coils. To part finance the above project the company will be entering the capital market on February 1, with a public issue of 1,53,33,333 optionally fully convertible debentures of Rs 60 each at par. Part A of Rs 25 of each debenture will be converted after nine months from the date of allotment into one equity share of Rs 10 at a premium of Rs 15 while part B of Rs 35 will carry two options. Under the first option shareholders can opt for its conversion into one equity share of Rs 10 at a premium of Rs 25 (plus Rs 5 towards interest) while under the second option they can opt for conversion of part B of the debenture into a deep discount bond of Rs 40 (inclusive of Rs 5 towards interest) which will be redeemed at Rs 60 on the expiry of 45 months from the date of allotment.

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