AstraZeneca rises 2% after dipping on parent's offer | business | Hindustan Times
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AstraZeneca rises 2% after dipping on parent's offer

business Updated: Jul 08, 2010 00:42 IST
HT Correspondent
HT Correspondent
Hindustan Times
AstraZeneca Pharma India

Shares of AstraZeneca Pharma India closed nearly 2 per cent up on Monday, after plunging 5 per cent earlier in the day following a 57 per cent discounted buyback offer by its Swedish parent in the run-up to its delisting.

Shares of AstraZeneca India closed at Rs 1,361 — up 1.9 per cent on the Bombay Stock Exchange. The scrip sank about 5 per cent in the early trade to touch an intra-day low of Rs 1,314.1.

The firm's Swedish parent AstraZeneca Pharmaceut-icals, on Monday, had fixed the floor price at Rs 576.1 a share for its de-listing — a discount of nearly 57 per cent from Tuesday’s closing price of Rs 1,335.1.

Experts say investors should use this opportunity to book profit.

"It is a better time for investors to exit from the stock," said, Alex Mathews, head, research — Geojit BNP Paribas Financial Services.

In June, the Swedish pharma major had announced a voluntary delisting offer, after the government move to make it mandatory for all listed companies to raise public shareholding to at least 25 per cent.