Shiva Cement to issue shares to IFCI, warrants

Shiva Cement Ltd has announced that the Board of Directors of the Company at its meeting held on December 04, 2006 has approved the followings:

1. Issue of 2535211 Equity shares of Rs 2/- each at a premium of Rs 1.55 per share to the Financial Institution (i.e. IFCI Ltd), being higher than the price, arrived at in accordance with SEBI Preferential Issue Guidelines.

2. Issue of upto 4,50,00,000 Equity Share Warrants of Rs 2/- each at a premium of Rs 1.55 per warrants, being higher than the price, arrived at in accordance with SEBI Preferential Issue Guidelines to relatives of Promoters/Directors and Domestic Strategic Investors.

3. Re-allocation of existing Authorised Share Capital of Rs 2800 lakhs into 13,25,00,000 Equity shares of Rs 2/- each and 75,00,000 preference shares of Rs 2/- each.

4. It has been further decided to convene an Extra Ordinary General Meeting of the shareholders of the Company on December 29, 2006 for approval of the above mentioned items.

Source : Equity Bulls

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