Chettinad Cement seeks shareholders’ approval for delisting, India

Chettinad Cement seeks shareholders’ approval for delisting, India

India-based cement producer Chettinad Cement Corporation has begun seeking shareholders approval to delist from the three Indian stock exchanges on which it trades. 

The company is listed on the National Stock Exchange (NSE), Madras Stock Exchange (MSE) and Bombay Stock Exchange (BSE).

Promoter group company Chettinad Holdings Pvt plans to acquire 11.56 per cent of the equity to take full ownership of the company, according to a statement by the company to the BSE. The promoter currently holds 88.44 per cent in Chettinad Cement.

Shareholders will be able to vote over a postal ballot and the voting period began on 4 January 2013 and will last up to 2 February. Votes can be cast either through ballot paper or on line through an e-voting option.

Chettinad Cement has a cement production capacity of about 14Mta including the 2.5Mta greenfield plant in Gulbarga, Karnataka which was commissioned in 2011-12. The company has also announced plans to add 15Mta of capacity across Southern India over the next three years.