Shares of Chettinad Cement rallied as much as 4.4 percent to touch an intraday high of Rs 988 on Friday as the company is going to consider delisting today.
The meeting of the board of directors of the company will be held today, for considering the draft notice and 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.
Delisting offer was made by M/s. Chettinad Holdings (P) Limited (the Acquirer), belonging to the promoter group of the company, with a view to delist the equity shares of the company from the National Stock Exchange of India Limited (NSE) and Madras Stock Exchange Limited (MSE), and to withdraw the permitted to trade status from the Bombay Stock Exchange Limited (BSE), the company said in a release.
Promoters hold 88.44 percent stake in the company, as on September 2012.
At 12:13 hours IST, the stock rose 3.58 percent to Rs 980 on the Bombay Stock Exchange.
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