Chettinad Cement Corporation will seek shareholders’ approval over postal ballot to delist from the stock exchanges.
According to an announcement by the company on the BSE, Chettinad Holdings Pvt Ltd, a promoter group company, plans to acquire 11.56 per cent of the equity of about 44.16 lakh shares to take full ownership of the company. The promoter group now holds 88.44 per cent stake in the company.
The company is listed on the NSE, MSE and its shares are permitted to trade on the BSE.
The voting period starts from January 4, 2013 and lasts up to February 2, 2013. The votes can be cast either through ballot paper or on line through an e-voting module.
Last April, Chettinad Cement’s Board approved a proposal to delist and to acquire the public shares at an indicative offer price of Rs 575 a share. The actual price will be discovered through the book building route.
Chettinad Cements has a cement production capacity of about 14 million tonnes a year and 105 MW of captive thermal power, with 35 MW in the pipeline, across three units in Tamil Nadu and Karnataka. The capacity includes a 2.5 million tonne green field plant commissioned in 2011-12 in Gulbarga, Karnataka.
The company has also announced plans to add 15 million tonnes capacity across South India over the next three years.