Financial Daily from THE HINDU group of publications
Tuesday, Jul 06, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 06, 2004 |
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Corporate
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Open Offers Astra Pharma fixes floor price of Rs 825 for AstraZeneca open offer Our Bureau
Bangalore , July 5 ASTRAZENECA Pharma India's Swedish parent has fixed a floor price of Rs 825 per share for its fresh open offer. The latest bid is to acquire the remaining 8.4 per cent of shares in the company. The offer will be open from July 19 to July 23. This is the third offer since May 2002 from the parent, Astra Pharmaceuticals AB, which plans to delist the Indian arm from the bourse. Deloitte Haskins & Sells has fixed the floor price, as mandated by SEBI guidelines, at Rs 825 per share, according to a note by DSP Merrill Lynch, manager to the offer, to the BSE. The public holds 4,19,509 shares in AZPI. Astra Pharmaceuticals AB acquired shares at Rs 375 each through its earlier two open offers in 2002. "The acquirer (Astra Pharma AB) reserves the right not to acquire the offered shares at any higher price established pursuant to the reserve book-building set forth in the SEBI guidelines. In the event (of) acquirer not accepting the exit price, (it) shall initiate appropriate actions to bring the public shareholding to the minimum level as required by the relevant regulations," the note said. In the past two years, Astra Pharma has raised its stake from some 46.5 per cent to 91.61 per cent through market purchases and the two open offers. In 2001, it bought out partner IDL's 25.75 per cent stake at Rs 670 each. Investors have challenged Astra's delisting exercise in the Kerala High Court.
More Stories on : Open Offers | Pharmaceuticals
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