Chettinad Cement at new high as board approves delisting

The stock has rallied 87% from Rs 590, since the company announced the delisting plans in May 2012.

Chettinad Cement Corporation is trading higher by 4% at Rs 1,014 after the company said its board has approved delisting of the share.

“The board of directors of the company held on December 28, 2012, the notice and the special resolution to be passed by the shareholders of the company through postal ballot in regard to voluntary delisting offer to the public shareholders of the company have been approved,” Chettinad Cement said in a statement.

In May, the company in a filing to the stock exchanges had said that the promoter group's Chettinad Holdings (P) Ltd, the acquirer, has proposed to make a voluntary delisting offer to the public shareholders. Its shares are listed on the NSE and the MSE.

The stock has rallied 87% from Rs 590, since the company announced the delisting plans. The promoter holds 88.44% in the company.

Today, the stock opened at Rs 1,052 and hit a new high of Rs 1,073 on the NSE. A combined around 23,503 shares have changed hands on the counter so far.