Shiva board approves fresh issue of equity shares, India

Shiva board approves fresh issue of equity shares, India
09 December 2004

Shiva Cement Ltd., has informed BSE that the Board of Directors of the Company at the meeting held on December 06, 2004 have approved the following:  

* Proposal for raising fresh equity share capital by offering equity shares of Rs 2/- each at a premium upto Rs 3/- per equity share to its existing shareholders in such proportion as the committee of directors may decide. The committee of directors in consultation with Merchant banker will decide the quantum of right issue, price, ratio and its various terms of issue.  

* Proposal for increase in Authorised Share Capital from Rs. 200m to Rs. 280m (100m equity shares of Rs 2/- each to 140m equity shares of Rs. 2/- each aggregating to Rs. 280m).  
Approval of Notice for Extraordinary General Meeting of members to be held on December 31, 2004 mainly for considering the increase in Authorised Capital from Rs 200m to Rs 280m and also to issue fresh capital under section 81(1A) of the Companies Act 1956 on the basis of rights to its existing shareholders within the  authorised capital. The committee of Directors in consultation with the Merchant Banker will decide the terms of rights issue.  

Published under Cement News