Shares of AstraZeneca Pharma gained as much as 7.68 percent in early trade Tuesday as the board of directors has finally approved delisting proposal. "The delisting proposal received from AstraZeneca Pharmaceuticals AB, Sweden, the promoter of the company, vide their letter dated March 01, 2014, was considered and approved by the board of the company at its meeting held on March 15, 2014," the company said in its filing.
Earlier on March 5, the board members had deferred this proposal because after discussion, the board had decided to seek additional information from the promoter.Promoter AstraZeneca Pharmaceuticals AB Sweden holds 75 percent stake in the company as of December 2013. It had reduced its stake in Indian subsidiary by 15 percent from 90 percent to comply with minimum public shareholding norms in May 2013.
At 09:39 hours IST, the stock rose 3.89 percent to Rs 1,205 on the Bombay Stock Exchange.
Earlier on March 5, the board members had deferred this proposal because after discussion, the board had decided to seek additional information from the promoter.Promoter AstraZeneca Pharmaceuticals AB Sweden holds 75 percent stake in the company as of December 2013. It had reduced its stake in Indian subsidiary by 15 percent from 90 percent to comply with minimum public shareholding norms in May 2013.
At 09:39 hours IST, the stock rose 3.89 percent to Rs 1,205 on the Bombay Stock Exchange.
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