Astrazeneca Pharma India shares jump 20% on delisting proposal

Astrazeneca Pharma India shares jump 20% on delisting proposal

Stock in AstraZeneca Pharma India jumped to its upper circuit filter of 20 per cent at Rs 1,113 a share in early morning trade on Monday on the National Stock Exchange (NSE) after the drug maker revealed its delisting plan.

AstraZeneca Pharma India's board will meet this Wednesday to discuss a proposal to delist the company's shares from the Indian stock exchanges.

The Indian drug maker received the proposal for delisting of its equity shares from the Indian stock exchanges from its Sweden-based parent firm AstraZeneca Pharmaceuticals AB.

The company said in a filing, "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."

It added that the offer was with a view to delist the company's equity shares from BSE, NSE and Bangalore Stock Exchange.

AstraZeneca Pharmaceuticals AB (Sweden) holds 75 per cent stake in AstraZeneca Pharma India, which pocketed a profit of Rs 1.52 crore during the quarter ended December 31, 2013, as against a loss of Rs 17.7 crore in a corresponding quarter of the previous year.

Net sales from operations during the same three-month period jumped from Rs 105 crore to Rs 118.9 crore. In the last one-month period, the stock rallied around 47 per cent.

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