Lloyds Metals allots Rs 680 crore of 9% NCDs due 2029

Lloyds Metals and Energy Limited allotted Rs 680 crore of 9.00% secured non-convertible debentures on November 5, 2026, with the 68,000 instruments scheduled for face-value redemption on October 29, 2029. The private-placement issue carries a Crisil AA/Stable rating and provides for quarterly interest dates beginning January 29, 2027.

What are Lloyds Metals’ new NCD terms?

Lloyds Metals allotted 68,000 non-convertible debentures, or NCDs, of Rs 1 lakh face value each through a private placement, creating an aggregate issue size of Rs 680 crore. The November 5, 2026 filing describes the instruments as 9.00% senior, secured, listed, rated and redeemable NCDs, with International Securities Identification Number INE281B07039.

The allotment was approved by a Committee of the Board of Directors through a circular resolution dated November 5, 2026. Lloyds Metals’ disclosure refers to earlier intimations dated May 5, 2026 and September 21, 2026, but this announcement records the completed allotment and its terms. It does not identify the investors in the private placement or state the intended use of the Rs 680 crore proceeds.

Lloyds Metals states that the original tenor is approximately three years from the deemed allotment date, while specifying October 29, 2029 as the maturity or redemption date. The NCDs will be redeemed at face value of Rs 1 lakh each. The filing does not disclose a redemption premium, redemption discount, call option, put option or prepayment feature.

When will Lloyds Metals pay NCD interest and principal?

Lloyds Metals has listed 12 interest due dates from January 29, 2027 to October 29, 2029, with principal also due on the final date. The first payment is scheduled for Friday, January 29, 2027, followed by April 29, July 29 and October 29 dates during 2027, 2028 and 2029.

The filing identifies the first 11 dates as interest payments and lists October 29, 2029 for both interest and principal. This means the disclosed schedule places repayment of the Rs 680 crore principal at maturity rather than on the earlier quarterly interest dates. The company does not state the rupee value of each interest payment in the announcement.

Some disclosed dates fall on weekends, including January 29, 2028, April 29, 2028 and October 29, 2028. Lloyds Metals provides the calendar due dates but does not set out a business-day adjustment convention or payment-agent arrangements. It also does not disclose whether the 9.00% coupon could change before the October 2029 redemption date.

What security supports Lloyds Metals’ NCDs?

Lloyds Metals disclosed a security package comprising a first-ranking assignment over LGRF’s rights and all proceeds under the LGRF Loan Documents, including documents to be executed under that arrangement. The filing does not expand the term LGRF, identify counterparties to the LGRF Loan Documents or give a rupee value for the rights and proceeds assigned.

The security package also includes a first-ranking pledge by LGRF over 49% of the shares it holds in Virtus Lloyds. Lloyds Metals specifies the 49% shareholding but does not state the number of pledged shares, their valuation or the value of security coverage relative to the Rs 680 crore NCD issue.

In addition, Lloyds Metals identifies a second-ranking charge by way of hypothecation over movable fixed assets of the BHQ Plant. The filing says the charge is more particularly specified in the key information document for the NCDs. It does not provide the plant’s carrying value, details of any prior-ranking charge or the contents of that document.

What rating and listing status do Lloyds Metals’ NCDs have?

Lloyds Metals reported a Crisil AA/Stable rating issued by Crisil Ratings Limited for the NCDs. The rating is disclosed as an issue term, but the November 5, 2026 announcement does not include Crisil’s rating rationale, rating sensitivities or financial measures used in its assessment.

Lloyds Metals said the NCDs are proposed to be listed on the National Stock Exchange of India Limited, or NSE. While the instrument description includes the word “listed”, the annexure’s specific listing field says “proposed to be listed on” the NSE. No listing date, trading symbol or confirmation of admission to trading is provided.

For the field covering a payment delay of more than three months or a default in interest or principal, Lloyds Metals marked the response “Not Applicable”. It also marked “Not applicable” for letters or comments concerning payment or non-payment of interest or principal, and for cancellation or termination of the issuance proposal. These disclosures accompany an issue whose first scheduled interest date is January 29, 2027.

How does this issue define Lloyds Metals’ disclosed funding timeline?

Lloyds Metals’ latest filing turns a proposed debt transaction into an allotted Rs 680 crore instrument with a fixed 9.00% coupon and a stated October 29, 2029 repayment date. The key comparison within the disclosed cash-flow structure is between 12 scheduled interest dates and one principal repayment date: coupons are scheduled quarterly from January 2027, while the face-value principal is due only at maturity.

The filing supplies terms for the instrument but not financial-result data, a debt-balance comparison, operating cash flow or a stated application of the proceeds. It also does not quantify the security package despite disclosing three elements: LGRF-related rights and proceeds, a pledge over 49% of Virtus Lloyds shares held by LGRF, and a second-ranking charge over BHQ Plant movable fixed assets.

Conclusion

Lloyds Metals has completed a Rs 680 crore private placement of 9.00% secured NCDs, establishing a financing instrument with 68,000 units, quarterly interest dates and principal redemption at face value on October 29, 2029. Its disclosed support includes first-ranking rights over LGRF-related proceeds, a 49% Virtus Lloyds share pledge and a second-ranking BHQ Plant charge, alongside a Crisil AA/Stable rating.

The next scheduled event disclosed by Lloyds Metals is the first interest due date of January 29, 2027, followed by quarterly dates through October 2029. Investors can also watch for the proposed NSE listing and any subsequent disclosure that provides the key information document, further terms of the LGRF Loan Documents, or a stated use for the Rs 680 crore raised.