AstraZeneca Pharma India, Indian arm of Sweden-based AstraZeneca Pharmaceuticals AB, will de-list itself from domestic stock exchanges, BSE, NSE and Bangalore Stock Exchange. The stock price went up 20% or Rs 201 to close at all time high at Rs 1,207.05 on the BSE on Tuesday. Recently, the new regulation has been implemented making it mandatory for all listed companies to raise public shareholding to a minimum of 25%.
On Tuesday, the company’s board of directors approved a voluntary delisting offer, after the delisting proposal received on June 28, 2010 from AstraZeneca Pharmaceuticals AB, Sweden, the promoter of the Company, company said in a filing to the Bombay Stock Exchange. AstraZeneca Pharmaceuticals AB presently holds 89.99 per cent stake in AstraZeneca Pharma India.