Asia / Oceania
Chettinad Cement to delist
May, 15 2012
(India) -- Chettinad Cement Corporation Ltd has informed the stock exchange that it will delist its shares. The company made this 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 will meet on May 15 to clear the delisting plans. It will take 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. It plans to add 35 MW to its power capacity, 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. The company has invested 1,500 crore in its 2.5-mt plant at Gulbarga, Karnataka, which will start production soon.
The company has also announced plans to acquire a 1.5-mt plant in Andhra Pradesh.
By: Rashmi Kalia (ARI-C NEWS)
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