AstraZeneca Pharma India has rallied 17% to Rs 783 after the promoter received a strong response for share sale offer.
AstraZeneca Pharmaceuticals AB Sweden, the promoter’s of the company proposed to sell around 3.7 million equity shares via offer-for-sale (OFS) was oversubscribed by almost five times.
The promoter had received bids for 18.25 million shares at indicative price of Rs 567.22 per share against floor price of Rs 490 per share, provisional data from BSE showed.
AstraZeneca Pharma said that the bids at or above the clearing price of Rs 620 have been considered for allocation.
The promoter who own 90% of the company has proposed to sell its stake to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies by end-June.
The stock opened at Rs 697 and hit a high of Rs 801, recovering its entire previous day’s losses, on BSE. On Tuesday, the stock closed 16% lower after fixing the floor price at huge discount. The stock has rallied 23% from low of Rs 650 touched on Monday.
The counter has seen huge trading activity with a combined 2.17 million shares changing hands till noon deals against an average less than 0.50 million shares that were traded daily in past two weeks on BSE and NSE.
AstraZeneca Pharmaceuticals AB Sweden, the promoter’s of the company proposed to sell around 3.7 million equity shares via offer-for-sale (OFS) was oversubscribed by almost five times.
The promoter had received bids for 18.25 million shares at indicative price of Rs 567.22 per share against floor price of Rs 490 per share, provisional data from BSE showed.
AstraZeneca Pharma said that the bids at or above the clearing price of Rs 620 have been considered for allocation.
The promoter who own 90% of the company has proposed to sell its stake to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies by end-June.
The stock opened at Rs 697 and hit a high of Rs 801, recovering its entire previous day’s losses, on BSE. On Tuesday, the stock closed 16% lower after fixing the floor price at huge discount. The stock has rallied 23% from low of Rs 650 touched on Monday.
The counter has seen huge trading activity with a combined 2.17 million shares changing hands till noon deals against an average less than 0.50 million shares that were traded daily in past two weeks on BSE and NSE.
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