Shares of AstraZeneca Pharma India hit a 52-week high on both the BSE and NSE after the company reported that its parent company AstraZeneca Pharmaceuticals AB (AZP AB) Sweden plans to voluntarily delist the shares of its Indian subsidiary. The parent company AZP holds 75 per cent stake in its Indian subsidiary.

In a communication to the stock exchanges, AstraZeneca Pharma India Ltd said it had received a communication on March 1 from its parent about the proposal to make a voluntary delisting offer to the public shareholders with a view to delisting the share. At present the stock is listed on the BSE, NSE and Bangalore Stock Exchange Ltd (BgSE).

The Swedish parent has asked the Indian arm to convene a board meeting to consider and approve the delisting proposal and to take required steps to get the shareholders’ approval through postal ballot. A meeting of the board of AstraZeneca Pharma India Ltd is scheduled on March 5 to consider the delisting proposal, the statement said.

The stock had appreciated by 20 per cent on both exchanges, and hit fresh 52-week highs. On the BSE, the stock was frozen at Rs 1,110.90, a gain of Rs 185.15 with 6,217 shares traded and orders for about 29,000 shares pending without any sellers. In the NSE the stock hit Rs 1,112.90, a gain of Rs 185.45, with about 18,560 shares being traded.

(This article was published on March 3, 2014)
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