Chettinad plans to delist, India

The promoters of Chettinad Cement Corporation are making a voluntary offer to the company's public shareholders to delist the shares from stock exchanges.

The stock is currently listed on the National Stock Exchange and Madras Stock Exchange and in the permitted securities category of the Bombay Stock Exchange.

The board is meeting on Tuesday to consider the delisting proposal, the Economic Times of India reports. The promoters of Chettinad Cement hold a large 88.4% stake in the company, according to shareholding details available as on March 31, 2012. The remaining 11.6% equity is held by the public, including 3.3% by institutions and 4.7% by corporate bodies.