Chettinad Cement hits fresh 52-week high on delisting buzz
Chettinad Cement Corporation has touched a new 52-week high of Rs 683.85 on Friday ahead of board meeting on May 15 to consider the delisting proposal.
Shares of Chettinad Cement Corporation locked at 20% upper circuit on Friday to touch a fresh 52-week high of Rs 683.85 on the BSE. There were pending buy orders of 9,977 shares, with no sellers available.
Board of directors of the company will consider delisting proposal on May 15 as they have received a letter from M/s Chettinad Holdings (P) Limited (the Acquirer), belonging to the promoter group of the company, on May 10, 2012 proposing to make a voluntary delisting offer to the public shareholders.
As on March 31, 2012, promoters hold 88.44% stake in the company while rest with the public.
Its trading volumes jumped 3161% to 3,411 shares as compared to its 5-day average of 105 shares. Market capitalisation of the company stands at Rs 2,612.24 crore.