Chettinad gets investors' nod to delist its shares
To delist its shares from the National Stock Exchange (NSE) and Madras Stock Exchange Chettinad Cement has received its shareholders approval. With this investor nod, the share of the company under 'permitted to trade' category on the Bombay Stock Exchange (BSE) will also be delisted. Chettinad Holdings, a promoter group company, had made a voluntary open offer to buy-back floating stocks through a book building process.
The voting which was made through postal ballot and electronic mode commenced on January 4 and ended on February 1.
In May 2012, the company had said, under delisting regulations the floor price arrived at was Rs 540, but promoters had given indicative price of Rs 575 a share. In 2007, the promoters made an open offer at Rs 450 a share to increase their stake by 8.87 per cent. They acquired nearly 26.1 lakh shares. Currently, the promoters own 88.44 per cent, domestic institutional investors hold 3.25 per cent and retail and other investors have 8.31 per cent.