Transgene Biotek to delist from Indian stock exchanges

NEW DELHI: Biotechnology firm Transgene Biotek today said that its board of directors has decided to delist its shares from Indian stock exchanges.

"The board of directors of the company at its meeting held on September 3, 2012, inter alia, has decided to delist the equity shares of the company from the all the recognised Indian Stock Exchanges," Transgene Biotek said in a filing to BSE.

Apart from Bombay Stock Exchange, the company is also listed on Luxembourg Stock Exchange.

Transgene Biotek said its proposal to delist is subject to approval of shareholders of the company and statutory approvals.

The company, however, did not assign any reason for the delisting.

Shares of Transgene Biotek were today trading at Rs 11.25 per scrip in the afternoon trade on BSE, up 4.85 per cent from its previous close.

Founded in 1991 by Koteswara Rao, the Hyderabad-based company is among the first biotechnology companies in India.

It has products in the therapeutic areas of cancer, auto immunity and other bio-generics apart from drug delivery devices for ailments such as diabetes and HIV infection.