AstraZeneca Pharma to delist from India, shares jump 20 pc | business | Hindustan Times
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AstraZeneca Pharma to delist from India, shares jump 20 pc

business Updated: Jun 29, 2010 17:08 IST

AstraZeneca Pharma India, on Tuesday, said it will de-list itself from domestic stock exchanges, fueling a jump of 20 per cent in its stock price to hit its all time high at Rs 1,207.05.

The company's board of directors gave its nod for making a voluntary delisting offer, received from its Sweden-based promoter, to public shareholders of the firm for delisting, the drug maker said in a filing to the Bombay Stock Exchange.

AstraZeneca Pharma India is the Indian arm of Sweden-based AstraZeneca Pharmaceuticals AB and the delisting offer comes within weeks after the government made it mandatory for all listed companies to raise public shareholding to a minimum of 25 per cent.

AstraZeneca Pharmaceuticals AB presently holds 89.99 per cent stake in AstraZeneca Pharma India, it said.

It will be delisted from the Bombay Stock Exchange, National Stock Exchange and Bangalore Stock Exchange.

Following the announcement, shares of AstraZeneca Pharma India rose 20 per cent, the maximum permissible one day gain, on the BSE to touch an all time high level of Rs 1,207.05.

A similar trend was seen on the National Stock Exchange, where the scrip was trading at Rs 1,199.70, up 20 per cent.

On the volume front, over 10,170 shares of the company changed hands on the two bourses.