Shiva Cement Ltd. (BSE:532323) announced a private placement of 5,000,000 convertible equity share warrants at INR 1.5 per warrant for gross proceeds of INR 7,500,000 on August 14, 2015. The company will issue the warrants on a preferential basis to certain promoter's group of the company. The company will receive 25% of the exercise price as upfront payment at the time of issuance.

The warrants will entitle the holder to purchase common shares of the company. The warrants are convertible into shares of the company at an exercise price of INR 4.5 per share. The company announced that it has obtained approval from board of directors of the company.