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AstraZeneca not to be delisted as parent rejects exit price

Our Bureau

Bangalore , July 26

THE delisting exercise for AstraZeneca Pharma India Ltd has been called off.

Swedish parent AstraZeneca Pharmaceuticals AB has rejected the exit price of Rs 3,000 per share that emerged from the reverse book-building process, offer manager DSP Merrill Lynch has informed the BSE. The scrip closed today at Rs 933.95.

Sources said the Swedish parent would have to bring its stake in the subsidiary down to 90 per cent within the next six months as per the SEBI norms.

The Swedish company holds 91.61 per cent of the shares in the Bangalore-based subsidiary through market purchases and two open offers in 2002.

Last week, it made its third offer to acquire the 4,07,480 or 8.15 per cent of the shares remaining with the public. The bid with a floor price of Rs 825 per share closed on July 23.

"The acquirer has not accepted the exit price and is under no obligation to acquire any shares tendered and the delisting proposal will not be proceeded with. No separate bid forms will be mailed to shareholders of physical share certificates. The shares deposited in the special depository account of the trading member during the reverse book-building process will be returned," DSPML said.

An investor's suit challenging the delisting move is pending in the Kerala High Court.

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