Delisting offer for Chettinad Cement Corporation shareholders begins this week on March 15. Through this offer, promoter plans to acquire 44.16 lakh shares or 11.56 per cent of the equity capital of the company. If the company able to mops up 50 per cent (22.08 lakh) of the targeted shares, then the delisting will sail through. The floor price for the delisting fixed at Rs 540. If the company succeeds in the delisting offer, discovered exit price will be announced on April 4. Payment or return of shares (in case of failure) will happen by April 8. It is to be seen whether the promoters will succeed in their efforts, as the stock is currently trading at Rs 912.50.

World Bank ban may impact L&T

The stock of Larsen & Toubro will come under pressure, as the World Bank banned the company for six months from any of its funded projects. Though the company claims that the ban will not have any 'material impact', market sentiment likely to turn sour for the stock at least initially. After finding a senior executive of the L&T indulged in fraud, World Bank initiated this move. The debarment will continue till September 6, making L&T ineligible for being awarded contracts for any World Bank funded projects, from receiving any loan proceeds made by the Bank or participating in any Bank-financed project.

Open offer to keep Orient Refractories active

The stock of Orient Refractories will remain active this week as open offer from Dutch US Holding B.V. begins from Monday. The Dutch firm plans to acquire further 26 per cent stake in the company at price of Rs 43 a share. In January, the promoters of Orient Refractories had entered into an agreement with Dutch US Holding B.V. Netherlands to sell 43.62 per cent stake of the total paid-up equity of the company. Following this, the Dutch US Holding B.V. made an open offer to the shareholders of Orient Refractories. The stock on Friday closed at Rs 38.65 on the BSE. About 11,000 retail investors hold 38.61 per cent stake in the company.

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