Shiva Cement EGM approves issue of shares to ACC Ltd

Shiva Cement Ltd has announced that the shareholders at the Extra-Ordinary General Meeting (EGM) of the Company held on May 18, 2007, have approved the followings:

1. Increase in Authorised Share Capital from Rs 2800 lakhs to Rs 4000 lakhs divided into 19,25,00,000 Equity Shares of Rs 2/- each and 75,00,000 preference shares of Rs 2/- each.

2. Issue of 1,45,00,000 Equity Shares of Rs 2/- each at a premium of Rs 9.00 per share to ACC Ltd, in terms of SEBI Preferential Issue Guidelines.

3. Issue of upto 2,27,00,000 Equity Share Warrants of Rs 2/- each at a premium of Rs 9.00 per warrant to ACC Ltd and 30,00,000 Equity share Warrants to domestic strategic Investor in terms of SEBI Preferential Issue Guidelines.

4. Increase in the borrowing power of the Company upto Rs 400 crores.

5. Increase in the remuneration of Shri. R P Gupta, Managing Director and Shri. Akash Gupta, Executive Director w.e.f. April 01, 2007.

Source : Equity Bulls

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