AstraZeneca Pharma India today settled nearly 2 per cent up after plunging 5 per cent earlier in the day following a 57 per cent discounted buyback offer by its Swedish parent in the run-up to its delisting.
Shares of AstraZeneca India closed at Rs 1,361, up 1.94 per cent on the Bombay Stock Exchange. The scrip sank about 5 per cent in the early trade to touch an intra-day low of Rs 1,314.05.
Yesterday, the company’s Swedish parent AstraZeneca Pharmaceuticals had fixed the floor price at Rs 576.10 a share for its delisting, which was at a discount of nearly 57 per cent from yesterday’s closing price of Rs 1,335.10.
Shares of Astrazeneca witnessed a similar strength on the National Stock Exchange and settled at Rs 1,366, up 2.31 per cent from previous close.
On June 29, the Swedish pharma major had come out with a voluntary delisting offer to the shareholders of its Indian arm, AstraZeneca. The decision comes on the heels of the government move to make it mandatory for all listed companies to raise public shareholding to a minimum of 25 per cent.
As many as 2.48 lakh shares of AstraZeneca shares were traded on both the bourses. The Swedish parent holds 89.99 per cent stake in AstraZeneca India.