Shares of Lloyds Enterprises Ltd were locked at 5% upper circuit on 31 January after the company announced acquiring Aristo Realty.
In its regulatory filing, the company said that it completed the acquisition of a 60.38% stake in Lloyds Realty Developers Ltd. (LRDL), formerly known as Aristo Realty Developers Ltd, for a total consideration of Rs 110 crore.
The acquisition was made through a fresh infusion of funds without any payment to existing shareholders of LRDL, resulting in LRDL becoming debt-free. The aim of this acquisition was to solidify the company’s strategic position in the real estate sector.
Earlier during the financial year 2021-22, the company had acquired the control of Lloyds Steels Industries Ltd, which has now been classified as the promoters of the company, Lloyds Steels Industries Ltd.
As of 31 December 2023, promoters of the company hold a 73.91% stake in the company, whereas FIIs (foreign institutional investors) own 0.40% stake; the remaining 25.68% is held by the public.
The company was founded in 1986 as Benson Steels Ltd, which was later changed to Shree Global Tradefin Ltd. in 1996 and then to Lloyds Enterprises Limited. They are engaged in the business of importing, exporting and dealing in iron and steel, steel tubes, alloy steel scrap, pipes and wires.
At 3:30 pm, the shares of Lloyds Enterprise closed 4.99% higher at Rs 39.35 on NSE.