Shiva Cement Members Approve Issue Of Equity Share

Shiva Cement Ltd has informed that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on December 29, 2006, have approved the followings:

1. Issue of upto 2535211 Equity Share of Rs 2/- each at a premium of Rs 1.55 per share in terms of respective sanction letters issued by Financial Institutions (i.e., IFCI Ltd) to the Company.

2. Issue of upto 4,50,00,000 Equity Share warrants of Rs 2/- each at a premium of Rs 1.55 per equity share warrant, each warrant being convertible at the option of the holder thereof into one equity share of Rs 2/- each at a premium of Rs 1.55 per share on preferential basis to relatives of Promoters / Directors and various domestic strategic investors. The Offeree shall deposit with the Company a sum of Rs 0.36 per warrant offered to them as subscription amount towards warrant. Such deposit shall not carry any interest.

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