AstraZeneca Pharma India has dipped almost 10% to Rs 751, also its 52-week low on BSE after the multinational pharmaceutical company said that its promoter AstraZeneca Pharmaceuticals AB Sweden has decided to reduce its shareholding in the company to meet minimum public shareholding norm.
“The Company on March 05, 2013 has received by e-mail communication a scanned copy of the letter dated Feb 28, 2013 from the promoter shareholder of the Company i.e. AstraZeneca Pharmaceuticals AB Sweden notifying the Company of its decision to reduce its shareholding in the Company in order to comply with the requirement of minimum public shareholding,” AstraZeneca Pharma India said in a regulatory filing.
The current shareholding of the promoter in the company is approximately 89.99%, it added.
The market regulator Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year so that a minimum 25% public shareholding can be maintained in listed private companies.
The stock opened at Rs 798 and has seen a combined around 26,400 shares changing hands on the counter in early morning deals on BSE and NSE.
“The Company on March 05, 2013 has received by e-mail communication a scanned copy of the letter dated Feb 28, 2013 from the promoter shareholder of the Company i.e. AstraZeneca Pharmaceuticals AB Sweden notifying the Company of its decision to reduce its shareholding in the Company in order to comply with the requirement of minimum public shareholding,” AstraZeneca Pharma India said in a regulatory filing.
The current shareholding of the promoter in the company is approximately 89.99%, it added.
The market regulator Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year so that a minimum 25% public shareholding can be maintained in listed private companies.
The stock opened at Rs 798 and has seen a combined around 26,400 shares changing hands on the counter in early morning deals on BSE and NSE.