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
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
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