Shiva Cement allots shares on conversion of warrants

Shiva Cement Ltd has announced that the Board of Directors of the Company at its meeting held on June 18, 2007, inter alia, has approved the following:

1. Allotment of 95.0 lacs Equity Shares upon conversion of Equity Share Warrants out of 230 lacs existing Equity Shares Warrants.

2. Allotment of 145 lacs Equity Shares of Rs 2/- each at a premium of Rs 9/- per share to ACC Ltd and 257 lacs Equity Share Warrants at the same price to ACC Ld & others on preferential basis.

3. To consider issue of 10.00 Lacs Equity Shares of Rs 2/- each at a premium of Rs 7/- per share to IFCI Ltd on preferential allotment basis subject to approval of shareholders at the ensuing Annual General Meeting of the Company. The issue price of Rs 9/- per share is not below the price computed in compliance with the requirements of Chapter XIII of the SEBI (Disclosure & Investor Protection) guidelines 2000.

4. Sri. Ramit Budhraja has been appointed as Nominee Director of ACC Ltd w.e.f. June 18, 2007. He is present Business Head, Eastern Zone at ACC and Director in HOLCIM (Bangladesh) Ltd.

Source : Equity Bulls

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