Shiva Cement posts net loss of Rs 4.44 crore in Q2 FY22

NEW DELHI: Shiva Cement reported net loss of Rs 4.44 crore in the quarter ended September 2021. It had recorded net loss of Rs 6.26 crore in the corresponding quarter the
previous fiscal, the company said in a BSE filing. The company’s total income stood at Rs 48.98 lakh in Q2 FY22 as against Rs 5.35 crore it recorded in the similar quarter last year.

The board of directors approved the voluntary delisting of the company equity shares from Calcutta Stock Exchange. They also approved availing of the Credit Facility for an amount not exceeding Rs 35 crore from Axis Bank, it said in the
regulatory filing.

The board of directors also approved notice of the postal ballot for seeking shareholders’ approval for:availing of Corporate Guarantee from JSW Cement in favour of banks or other
financial institutions led by Axis Bank for the purpose of availing of Term Loan Facility for an amount not exceeding Rs 1,066 crore availing of Corporate Guarantee from JSW Cement in favour of banks/financial
institutions/NBFCs etc. for the purpose of availing of Credit Facilities in future as may be availed by the company from time to time, for an amount not exceeding Rs 300 crore.

Intercorporate loan from JSW Cement for an aggregate value not exceeding Rs 400 crore. The plant operation remained suspended mainly due to ongoing project activity.
Considering, ongoing project construction activity, the existing clinker plant operation is suspended to ensure safe construction and operation practice as per safety norms. However, company has produced cement from the available clinker
stock for consumption in the ongoing project activity, it said in the regulatory filing.