Shares of AstraZeneca Pharma are locked at 20 percent upper circuit on Monday after the board members said it would consider parent's delisting offer on March 5.
"The board of directors of the company has, on March 01, received a letter from promoter AstraZeneca Pharmaceuticals AB (AZP AB) Sweden, proposing to make a voluntary delisting offer to the public shareholders of the company. The offer is with a view to delist the equity shares of the company from BSE, National Stock Exchange of India and Bangalore Stock Exchange," the company said in its filing.
AZP AB holds 1,87,50,000 equity shares representing 75 percent of the total paid-up share capital of AstraZeneca Pharma.
After this letter, a meeting of the board of the company has been scheduled on March 05, 2014 to consider the delisting proposal and matters incidental hereto.
AZP AB in its letter said, "We have requested the board of the company to convene a meeting of the board to consider and approve the delisting proposal, and take requisite steps to obtain the prior approval of the shareholders to the delisting proposal by a special resolution passed through postal ballot as per the delisting regulations."
Meanwhile, AstraZeneca Pharma had reported a profit of Rs 1.52 crore during October-December quarter as against loss of Rs 17.7 crore in a year-ago period. Net sales from operations during the same period increased to Rs 118.9 crore from Rs 105 crore.
At 09:30 hours IST, the stock was trading at Rs 1,110.90, a 52-week high. There were pending buy orders of 25,637 shares, with no sellers available. It rallied nearly 47 percent in last one month.
"The board of directors of the company has, on March 01, received a letter from promoter AstraZeneca Pharmaceuticals AB (AZP AB) Sweden, proposing to make a voluntary delisting offer to the public shareholders of the company. The offer is with a view to delist the equity shares of the company from BSE, National Stock Exchange of India and Bangalore Stock Exchange," the company said in its filing.
AZP AB holds 1,87,50,000 equity shares representing 75 percent of the total paid-up share capital of AstraZeneca Pharma.
After this letter, a meeting of the board of the company has been scheduled on March 05, 2014 to consider the delisting proposal and matters incidental hereto.
AZP AB in its letter said, "We have requested the board of the company to convene a meeting of the board to consider and approve the delisting proposal, and take requisite steps to obtain the prior approval of the shareholders to the delisting proposal by a special resolution passed through postal ballot as per the delisting regulations."
Meanwhile, AstraZeneca Pharma had reported a profit of Rs 1.52 crore during October-December quarter as against loss of Rs 17.7 crore in a year-ago period. Net sales from operations during the same period increased to Rs 118.9 crore from Rs 105 crore.
At 09:30 hours IST, the stock was trading at Rs 1,110.90, a 52-week high. There were pending buy orders of 25,637 shares, with no sellers available. It rallied nearly 47 percent in last one month.
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