Shiva Cement approves Preferential allotment to Promoter group

Shiva Cement Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2010 has approved preferential allotment of 11.1 Mn. nos. of Equity Share Warrants (ESW) to Promoter group at a price of Rs. 11/- per share upon conversion (including Rs. 9/- per share as premium), subject to shareholders' approval to be obtained in the Extra-ordinary General Meeting scheduled to be held on November 29, 2010 as well as other statutory approvals. The proceeds shall be utilized for part funding of ongoing capacity expansion and long term working capital requirement.

The stock closed the day at Rs.10.12, up by Rs.0.12 or 1.2%. The stock hit an intraday high of Rs.11.49 and low of Rs.9.25.

The total traded quantity was 29.08 lakhs compared to 2 week average of 45.15 lakhs.

Source : Equity Bulls

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