AstraZeneca Pharma India board approves delisting offer from its Sweden based promoters AstraZeneca Pharmaceuticals. However, it is yet to obtain approval of its shareholders
AstraZeneca Pharma India Ltd (AZ India) said its board approved delisting proposal received from its parent AstraZeneca Pharmaceuticals AB (AZP). The proposal, however would require approval from shareholders.
Sweden-based AZP holds 75% stake while foreign institutional investors (FIIs) holds 15.93% share in AZ India. However, As per SEBI rules on delisting, AZP needs to buy an additional 15% to take its stake 90% to get its Indian unit delisted.
A week ago, Moneylife wrote; Insider trading in AstraZeneca Pharma? As One day before AstraZeneca Pharma announced delisting, its volumes spurted and share prices shot up by 9.13%. Earlier, on 5th March, AZ India board asked for additional information from its AZP regarding its voluntary delisting offer. On 15th March, AZ India held board meeting, in which board has approved voluntary delisting offer of AZP AB.
Moneylife earlier wrote about, The deadly delisting itch of AstraZeneca Pharma India, explaining how AstraZeneca is on course to achieve its decade-long plan to delist its shares from the Indian bourses by hook or by crook.
AstraZeneca closed Tuesday 2.8% higher at Rs1,192 on BSE, while the 30-share Sensex ended the day marginally up at 21,832.
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