AstraZeneca Pharma promoter to sell stake in Indian arm

 

AstraZeneca Pharma India today said its promoter AstraZeneca Pharmaceuticals AB Sweden plans to offload around 37 lakh shares through offer for sale route on May 28 to meet Sebi norms on minimum public shareholding norms.

"AstraZeneca Pharmaceuticals AB Sweden has submitted to BSE a notice of offer for sale an aggregate of 37,49,950 equity shares of face value of Rs 2 each of AstraZeneca Pharma India Ltd on May 28, 2013," AstraZeneca Pharma India said in a filing to BSE.

This would be "exclusively through the seller's brokers on the separate windows provided by the BSE & NSE for this purpose," it added.

The sale shall take place at the separate window of stock exchanges and shall commence on May 28, 2013 between 9:15 am and 3:30 pm, it added.

Earlier in March this year, AstraZeneca Pharma India had informed BSE that the promoter shareholder of the company ie AstraZeneca Pharmaceuticals AB Sweden, had notified it of its decision to reduce its shareholding in the Indian arm.

This was in order to comply with the requirement of minimum public shareholding, as specified in Securities Contracts (Regulation) Rules, 1957.

The shareholding of the promoter in the Indian arm was around 89.99% as on March 31.

Private sector companies need to have minimum 25% public shareholding by June 30 as per Sebi norms.

Shares of AstraZeneca Pharma India today closed at Rs 691.95 per scrip on BSE, down 3.45% from previous close.

At today's closing prices, the 37 lakh shares proposed to be sold through OFS route are worth over Rs 250 crore.