Shares of AstraZeneca Pharma today surged 20 per cent after the company said its board will meet on March 5, 2014 to consider delisting proposal.
AstraZeneca Pharma's shares shot-up by 20 per cent to Rs 1,110.90 -- its upper circuit limit which was also its one-year peak at the BSE.
At the NSE, the stock soared 20 per cent to touch its 52-week high of Rs 1,112.90.
AstraZeneca Pharma said it received by email a letter from AstraZeneca Pharmaceuticals AB (AZP AB) Sweden, promoter of the company, proposing to make a voluntary delisting offer to the public shareholders from BSE and NSE.
Astrazeneca Pharmaceuticals AB holds 75 per cent in AstraZeneca Pharma India. In a separate announcement, the company said AZP AB had entered into a subvention agreement with the company dated 7 May 2013.
It, had, whereby, decided to provide a voluntary non- repayable financial grant of approximately USD 22.5 million to USD 26.5 million over the three years between fiscal year ending March 2014 (FY14) - fiscal year ending March 2016 (FY16), of which the first tranche of USD 14 million was to be provided to the company in FY14.