The India Cements, one of the leading cement makers in South India, has proposed to demerge Chennai Super Kings (CSK), a BCCI-IPL Franchise 20/20 Cricket Tournament Team.

Accordingly, the company has included this proposal for consideration of the Board of Directors of the company at the ensuing meeting on Sept. 26, 2014.

Following the approval of the board, the company will demerge the said CSK division to a wholly-owned subsidiary of the company.

Shares of the company declined Rs 9.25, or 7.06%, to settle at Rs 121.85. The total volume of shares traded was 409,680 at the BSE (Tuesday).