AstraZeneca India board approves delisting; stock up

The board of AstraZeneca India Pharma Ltd has approved a proposal by its parent AstraZeneca Pharmaceuticals AB, Sweden, to voluntarily delist from Indian stock exchanges. “… the delisting proposal received from AstraZeneca Pharmaceuticals AB, Sweden, the promoter of the company, vide their letter dated March 1, was considered and approved by the board of the company at its meeting held on March 15,” AstraZeneca Pharma India said in a filing to the BSE.

The company is listed on the BSE, the NSE and the Bangalore Stock Exchange. The promoter AstraZeneca Pharmaceuticals AB holds 75 per cent stake in the Indian subsidiary, following a stake reduction of 15 per cent through an offer-for-sale in May last year to comply with SEBI’s minimum public holding norms. Following the stake-sale, 18 foreign institutional investors hold 15.93 per cent stake.

The delisting will be deemed successful if the promoter is able to take its stake up to 90 per cent.

On Tuesday, the stock closed 2.80 per cent up at Rs.1,192.35 on the BSE. On the NSE, the scrip closed 1.86 per cent up at Rs.1,182.