Shiva Cement approves allotment of 74 lakh shares, 11036028 warrants

Shiva Cement Ltd has announced that the Board of Directors of the Company at its meeting held on December 07, 2010 continued till December 08, 2010 has approved the allotment of 74,00,000 Equity Shares of Rs. 2/- each at a premium of Rs. 9/- per share to promoter group upon conversion of Equity Share Warrants.

The Board also approved allotment of 1,10,36,028 Equity Share Warrants to Promoter Group at a price of Rs. 11/- after receipt of in-principle approval under clause 24(a) of the listing agreement.

The stock was trading at Rs.7.85, up by Rs.0.23 or 3.02%. The stock hit an intraday high of Rs.8.13 and low of Rs.7.72.

The total traded quantity was 29.69 lakhs compared to 2 week average of 23.30 lakhs.

Source : Equity Bulls

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