AstraZeneca Pharma India has moved higher by 4% to Rs 720, bouncing back 11% from intra-day’s low ahead of its promoter AstraZeneca Pharmaceuticals AB Sweden stake sale plan through offer-for-sale (OFS) tomorrow.
The stock opened at Rs 690 and hit a low of Rs 650 in early morning trades on BSE. A combined around 180,000 shares have changed hands on the counter so far on NSE and BSE.
AstraZeneca Pharmaceuticals AB Sweden plans to offload around 3.7 million shares representing 15% of total equity of the company through OFS 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 3.75 million 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.
Currently, AstraZeneca Pharmaceuticals AB Sweden holds 90% stake in the Indian arm.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 690 and hit a low of Rs 650 in early morning trades on BSE. A combined around 180,000 shares have changed hands on the counter so far on NSE and BSE.
AstraZeneca Pharmaceuticals AB Sweden plans to offload around 3.7 million shares representing 15% of total equity of the company through OFS 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 3.75 million 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.
Currently, AstraZeneca Pharmaceuticals AB Sweden holds 90% stake in the Indian arm.
According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
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