Lloyd Electric to raise Rs 312 cr

MUMBAI: Cooling and condenser coil makerLloyd Electric & Engineering today said it will raise over Rs 312 crore through the issue of securities in domestic market.

The shareholders of the company at its meeting recently, gave approval to raise up to Rs 200 crore through the issue of securities to Qualified Institutional Buyers (QIB) from the domestic market, subject to necessary approvals.
   
The company would raise Rs 112.50 crore through the issue 50 lakh warrants at Rs 225 each on preferential basis, convertible into equal number of equity shares of the samevalue to Airserco Pvt Ltd, Perfect Radiators & Oil Coolers and Rajul Estate.
   
The company also received approval for increasing itsauthorised share capital to Rs 50 crore from Rs 35 crore.