Chettinad Cement to offer Rs 540 per share in delisting bid

Chettinad Cement Corporation's proposed delisting would take place with promoter's offering to buy out public shareholders for a minimum of Rs 540 per share, according to an exchange filing made on Monday.

"In accordance with Regulation 15(2) read in conjunction with Regulation 15(3) of the Delisting Regulations, the Floor Price per Equity Share is Rs. 540 (Indian Rupees Five Hundred Forty) ("Floor Price")," said the announcement.

The stock was up 4.96 per cent, at Rs 910 at 11:42, shortly after the announcement. The promoters held 88.44 per cent stake in the company, at the end of the December quarter.

The promoters informed the company of its intention to make the delisting offer on May 10, 2012 last year. The company's board passed a resolution approving the same on May 15, 2012. The results of a special resolution passed through postal ballot on the matter was declared on February 04, 2013.

The opening date for the bid would be March 15, while the bid closing date would be March 21, 2013.