AstraZeneca Pharma India Receives Delisting Offer From Founder

29th Jun 2010 04:48

MUMBAI (Dow Jones)--AstraZeneca Pharma India Ltd. (506820.BY) said Tuesday it has received a delisting offer from 90%-owner AstraZeneca Pharmaceuticals AB, sending its shares higher. The company didn't mention the delisting price, but said in a regulatory filing that its board will meet Tuesday to consider the proposal. Shares of AstraZeneca Pharma India hit the daily upper limit of INR1,207.05 Tuesday on the Bombay Stock Exchange, after the announcement of the delisting proposal. The offer comes after the Indian government on June 4 amended listing rules and said all listed companies need to have a public holding of at least 25%, up from 10% earlier. Most overseas companies listed in India have a public float of less than 20% and the new regulatory requirement sparked hopes that they will either increase their float by offering investors more shares or opt to delist. -By Ameya Karve, Dow Jones Newswires; +91-22-6145-6121; [email protected] (END) Dow Jones Newswires June 28, 2010 23:48 ET (03:48 GMT)