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Chettinad Cement Corporation Ltd has informed the stock exchange that it will delist its shares.
According to an announcement on the BSE, the company has said that the promoter group's Chettinad Holdings (P) Ltd, the acquirer, has proposed to make a voluntary delisting offer to the public shareholders. Its shares are listed on the NSE and the MSE.
Chettinad Cement's board is to meet on May 15 to clear the delisting plans and to take the necessary statutory steps to withdraw its shares from being traded on the exchanges.
Chettinad Cements has a cement production capacity of about 11.5 million tonnes (mt) a year and 105 MW of thermal power capacity and an additional 35 MW in the pipeline, across three units in Tamil Nadu. The company has also announced plans to add 15 mt capacity across South India over the next three years.
It is set to start production at a 2.5-mt plant at Gulbarga, Karnataka, where it has invested Rs 1,500 crore. It has also announced plans to acquire a 1.5-mt plant in Andhra Pradesh.
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