Lloyds Metals and Energy rallied 2.47% to Rs 590 after the iron ore miner announced that its board has approved raising of funds through qualified institutional placement (QIP) upto Rs 5,000 crore.
The company will raise funds through issuance of eligible securities via QIP to qualified institution buyers (QIB) in one or more tranches, subject to the approval of the shareholders.Lloyds Metals and Energy is a metals and mining company engaged in mining iron ore, manufacturing sponge iron and generating power.
The companys consolidated net profit surged 44.13% to Rs 331.50 crore on 91.12% jump in revenue from operations to Rs 1,910.53 crore in Q3 FY24 over Q3 FY23.
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