25pc public holding norm has AstraZeneca, Sulzer delisting
The domestic arms of two multinational companies, the drug maker AstraZeneca and process engineering major Sulzer, plan to delist from the domestic stock exchanges.
By PTI |
MUMBAI: The domestic arms of two multinational companies, the drug maker AstraZeneca and process engineering major Sulzer, plan to delist from the domestic stock exchanges.
The decisions on heels of the government decision to make it mandatory for all listed companies to raise public shareholding to a minimum of 25 per cent.
AstraZeneca Pharma India said its board meeting held today gave nod to a proposal for making a voluntary delisting offer and a buyback offer, received from its Swedish promoter, to the public shareholders of the firm for delisting.
AstraZeneca Pharma India is the domestic arm of Sweden-based AstraZeneca Pharmaceuticals AB, which holds 89.99 per cent stake in the company.
Following this, AstraZeneca India will be delisted from the Bombay Stock Exchange, the National Stock Exchange and Bangalore Stock Exchange.
Following the announcement, shares of AstraZeneca Pharma India rose 20 per cent, the maximum permissible one day gain, on the BSE today to touch an all time high level of Rs 1,207.05.
The diversified firm Sulzer India also said its Swiss parent Sulzer has made offer to buy back shares from existing shareholders and voluntary delisting of from the Bombay Stock Exchange.
Process engineering major Sulzer is represented in all key industrial areas of Asia Pacific including India, and is a technology leader in the field of mass transfer and static mixing, with its advanced and economical solutions.
The Winterthur, Switzerland-based Sulzer, which is a part of the part of Sulzer Chemtech Business Unit of Sulzer Corporation, owns 80 per cent stake in Sulzer India, proposes to acquire the rest of the stake from the public through a reverse book-building process.
The floor price for the reverse book-building process has been determined by the promoter to be Rs 855.53. Bid will open on July 13 and close on July 16, the company said in a filing to the BSE.
Shares of Sulzer India closed at Rs 1,324.65, down by 2.87 per cent on the BSE.
The decisions on heels of the government decision to make it mandatory for all listed companies to raise public shareholding to a minimum of 25 per cent.
AstraZeneca Pharma India said its board meeting held today gave nod to a proposal for making a voluntary delisting offer and a buyback offer, received from its Swedish promoter, to the public shareholders of the firm for delisting.
AstraZeneca Pharma India is the domestic arm of Sweden-based AstraZeneca Pharmaceuticals AB, which holds 89.99 per cent stake in the company.
Following this, AstraZeneca India will be delisted from the Bombay Stock Exchange, the National Stock Exchange and Bangalore Stock Exchange.
Following the announcement, shares of AstraZeneca Pharma India rose 20 per cent, the maximum permissible one day gain, on the BSE today to touch an all time high level of Rs 1,207.05.
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The diversified firm Sulzer India also said its Swiss parent Sulzer has made offer to buy back shares from existing shareholders and voluntary delisting of from the Bombay Stock Exchange.
Process engineering major Sulzer is represented in all key industrial areas of Asia Pacific including India, and is a technology leader in the field of mass transfer and static mixing, with its advanced and economical solutions.
The Winterthur, Switzerland-based Sulzer, which is a part of the part of Sulzer Chemtech Business Unit of Sulzer Corporation, owns 80 per cent stake in Sulzer India, proposes to acquire the rest of the stake from the public through a reverse book-building process.
The floor price for the reverse book-building process has been determined by the promoter to be Rs 855.53. Bid will open on July 13 and close on July 16, the company said in a filing to the BSE.
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Shares of Sulzer India closed at Rs 1,324.65, down by 2.87 per cent on the BSE.
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