AstraZeneca delisting plan axed

On June 30,the stock had hit a life high of 1,448.45 rupees after the company board approved the delisting proposal.

Sweden8217;s AstraZeneca Pharmaceuticals AB,the parent company,had sought to buy back 10 percent or 2.5 million outstanding shares on the Bombay Stock Exchange and National Stock Exchange at 576.10 rupees a share.

AstraZeneca Pharma India spokesman could not be reached for a comment.

Latest regulatory rules mandate a minimum 25 percent public shareholding,forcing companies with smaller public holdings to choose to delist instead of diluting their equity.

At 11:50 a.m.,shares of AstraZeneca Pharma India were at 1,056.90 rupees,down 2.3 percent in a weak Mumbai market.