Shiva Cement to allot shares and warrants to ACC Ltd

The Board of Directors of Shiva Cement Ltd at its meeting held on April 19, 2007, inter-alia, has approved the following:

1. To increase Authorised Share Capital of the Company from Rs 28 crores to Rs 40 crores.

2. To consider issue of 1.45 crore nos. of Equity Share of Rs 2/- each at a premium of Rs 9/- per share and 2.27 crores of Equity Share Warrants of Rs 2/- each at a premium of Rs 9/- each to ACC Ltd on a preferential allotment basis and 0.3 crores Equity Share Warrants of Rs 2/- each at a premium of Rs 9/- in favour of Roughells Fashions Pvt Ltd on a preferential allotment basis, both subject to approval of shareholders of the Company. The issue price of Rs 11/- per share is not below the price computed in compliance with the requirements of Chapter XIII of the SEBI (Disclosures & Investor Protection) guidelines, 2000.

3. To approve the increase in borrowing powers upto Rs 400 crores.

4. To approve the Notice of Extra Ordinary General Meeting of the shareholders of the Company to be held on May 18, 2007 for seeking shareholders approval on the above resolutions approved by the Board.

5. It was decided to defer the consideration of unaudited financial results to the next Board meeting to he held on April 27, 2007.

The stock closed the day at Rs.10.48, up by Re.0.49 or 4.90%. The stock hit an intraday high of Rs.10.48 and low of Rs.10.39. The total traded quantity was 2569542 compared to 2 week average of 1217763.

Source : Equity Bulls

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