Chettinad Cement soars 20% on delisting plans

The board will meet on May 15, 2012 to consider the delisting proposal and matters incidental thereto

Chettinad Cement Corporation has frozen upper circuit of 20% at Rs 684, its lifetime high after the company said it is planning to delist its equity shares from the stock exchanges on which the equity shares are currently listed.

“The board of directors of the company have received a letter from M/s. Chettinad Holdings (P) Limited, belonging to the promoter group of the company, on May 10, 2012 proposing to make a voluntary delisting offer to the public shareholders of the company,” the cement and cement products maker in a filing to the stock exchanges.

The board of directors of the company will meet on May 15, 2012 to consider the delisting proposal and matters incidental thereto.

A combined 17,345 shares have changed hands on the counter in morning deals and there are pending buy orders for 23,060 shares on the NSE and BSE.