Lloyds Metals and Energy Limited (BSE:512455) is likely to launch a qualified institutional placement (QIP) on July 4, 2024 to raise about INR 12,000 million, according to sources. The company plans to sell its shares at a 5% discount to the market price, said one of the sources. Lloyds Metals and Energy shares rallied 5% on July 4, 2024, closing at INR 775.

The stock has gained 31% in the last six months, compared to an 11% rise in the Sensex index. In March, the board of Lloyds Metals approved raising up to INR 50,000 million through QIP in one or more tranches.