IFCI to convert outstanding debt of Shiva Cement into equity

Shiva Cement Ltd has announced that IFCI has opted to convert their outstanding debt of Rs 9.0 mill. into equity in lieu of cash payment, offered by the Company to release their charge on the Assets. This communication was received from IFCI on May 30, 2007. The matter will be taken up in the next Board meeting.

Shiva Cement's stock was trading at Rs.8.40, up by Rs.0.03 or 0.36%. The stock hit an intraday high of Rs.8.75 and low of Rs.8.34. The total traded quantity was 121527 compared to 2 week average of 559323.

The shares of IFCI was trading at Rs.47.65, up by Rs.0.20 or 0.42%. The stock hit an intraday high of Rs.48.25 and low of Rs.47.50. The total traded quantity was 1164095 compared to 2 week average of 8155211.

Source : Equity Bulls

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