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Journalism of Courage
AstraZeneca Pharma India said on Thursday its public shareholders did not approve a special resolution to delist the company from the stock exchanges,leading its shares to fall more than 3 percent.
The number of votes cast by public shareholders in favour of the resolution through a postal ballot were less than twice the number of votes against the resolution,it said in a statement.
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.
