Shiva Cement seeks EGM approval for issue of shares

Shiva Cement Ltd has announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on December 29, 2006, inter alia, to transact the following:

1. To offer, issue and allot to Financial Institutions, relatives of Promoters / Directors and various domestic strategic investors by way of private placement on preferential allotment basis upto:

a) 25,35,211 Equity Shares of Rs 2/- each at a premium of Rs l.55 per share in terms of respective sanction letters issued by Financial Institutions (i.e. IFCI Ltd) to the company.

b) 4,50,00,000 Equity Share Warrants of Rs 2/- each at a premium of Rs 1.55 per warrant to relatives of Promoters / Directors and various domestic strategic investors and each warrant being convertible at the option of the holder thereof into 1 Equity Share of Rs 2/- each at a premium of Rs 1.55 per share.

being the price determined in compliance with Chapter XIII of the SEBI (DIP) Guidelines, 2000 and various other statutory rules & regulations, at a time or in trenches, with authority to the Board to issue within the said limits equity shares and Equity Share Warrants on such terms and conditions as the Board may in its absolute discretion decide.

2. Re-classify the existing Capital Clause of the Company as follows:

"The Authorised Share Capital of the Company is Rs 28,00,00,000 divided into 13,25,00,000 Equity Shares of Rs 2/- each and 75,00,000 Preference Shares of Rs 2/- each." and consequential amendments in Memorandum & Articles of Association of the Company.

Source : Equity Bulls

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