Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / AstraZeneca India unit sets floor price for stock delisting
BackBack

AstraZeneca India unit sets floor price for stock delisting

AstraZeneca says the delisting will provide it with 'greater operational flexibility' to support the company's business in the local market

AstraZeneca Pharma India’s board approved the delisting proposal on 18 March. Photo: AFPPremium
AstraZeneca Pharma India’s board approved the delisting proposal on 18 March. Photo: AFP

Mumbai: AstraZeneca Pharma India Ltd., a unit of British drugmaker AstraZeneca Plc, said on Friday the floor price for its delisting from the Indian stock exchanges had been set at Rs854.1 a share.

AstraZeneca said the delisting of the Indian unit and an increase in its ownership would provide it with “greater operational flexibility" to support the company’s business in the local market.

AstraZeneca Pharma India’s stock has risen nearly 50% from the year’s low on 30 January to touch Rs1,092.35 on Friday on delisting expectations, while the Mumbai market rose roughly 12% in that period.

The Indian unit’s board approved the delisting proposal on 18 March. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Apr 2014, 09:04 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App