Sunflag Iron and Steel Company Limited (BSE:500404) has exercised its option to acquire 11.89% stake in Lloyds Metals and Energy Limited (BSE:512455) on March 16, 2023. Under the terms of transaction, Sunflag were allotted 60 million 0% Optionally Fully Convertible Debentures (OFDC's) by Lloyds Metals vide their Board Resolution on June15, 2022. Issuance of OFDC was approved by the Members of LMEL. Company has exercised its all options allotted in conversion ratio of 1:1. LMEL in its Board Meeting held March 16, 2023 converted and allotted the said 0% 6,00,00,000 OFCD's in to 6,00,00,000 equity shares of LMEL.

Sunflag Iron and Steel Company Limited (BSE:500404) completed the acquisition of 11.89% stake in Lloyds Metals and Energy Limited (BSE:512455) on March 16, 2023.