This Article is From Apr 11, 2014

AstraZeneca India unit sets floor price for stock delisting

AstraZeneca India unit sets floor price for stock delisting

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 Rs 854.1 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 percent from the year's low on January 30 to touch Rs 1,092.35 on Friday on delisting expectations, while the Mumbai market rose roughly 12 percent in that period.

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

Copyright: Thomson Reuters 2014