Investors are once again buying shares of AstraZeneca, taking it up 9 percent intraday on Friday. The stock is buzzing ahead of another board meeting which will consider its voluntary delisting proposal.
“The voluntary delisting proposal from AstraZeneca Pharmaceuticals AB, Sweden in terms of their letter dated March 01, 2014 will be considered at the meeting of the Board of Directors of the Company to be held on March 15, 2014,” it said in a statement to the BSE.
Earlier its delisting proposal raised eyebrows due to which it had decided to seek additional information from the promoter and the plan was deferred.
The foreign parent holds 75 percent in the company, after reducing stake from 90 percent in May last year through an offer for sale (OFS) to institutional investors at Rs 620 per share. AstraZeneca had taken the OFS route to comply with the Sebi rule mandating listed companies to maintain minimum 25 percent public shareholding. To delist, the foreign parent now needs to buy an additional 15 percent from investors.
At 10:38 hrs AstraZeneca Pharma was quoting at Rs 1,156.10, up Rs 90.25, or 8.47 percent on the BSE.
Posted by Nasrin SultanaDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
