Rourkela-based cement company, Shiva Cement has announced that the board of directors at its meeting held on Dec.15, 2008 has approved the allotment of 1.2 million shares to Roughells Fashions at a price of Rs 11 a share (including a premium of Rs 9 a share) upon conversion of warrants.

Further, the board has also approved `time extension` for conversion of pending warrants of 17.7 million nos held by ACC and 1.8 million nos held by Roughells Fashions. Time extension is subject to statutory approvals.
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