ACC Ltd enters into share purchase agreement with Shiva Cement Ltd

ACC Ltd has entered into a Share Subscription Agreement today (April 20, 2007) with Shiva Cement Limited, a Listed Company, having its Registered Office at P.25 Civil Township, Rourkela, Orissa. This Agreement inter alia includes the following:

i) subscribing to Preferential Allotment of 1,45,00,000 Equity Shares of Shiva Cement Limited with a face value of Rs. 2/- and a premium of Rs. 9/- per Equity Share in all, aggregating to Rs. 15.95 crore;

ii) subscribing to Preferential Allotment of 2,27,00,000 warrants of Shiva Cement Limited which has an option to convert into corresponding number of Equity Shares at a face value of Rs. 2/- and a premium of Rs. 9/- per Equity Share within 18 months from the date of allotment. The above allotment would be subject to compliance with the statutory requirements including the approval of the shareholders of Shiva Cement Limited.

The ACC stock closed the day at Rs.791.95, up by Rs.3.20 or 0.41%. The stock hit an intraday high of Rs.808.60 and low of Rs.788.50. The total traded quantity was 975698 shares at an average price of Rs.799.13 resulting in a turnover of Rs.7797.1 Lakhs.

Source : Equity Bulls

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