April 11, 2014 / 2:29 PM / 4 years ago

AstraZeneca India unit sets floor price for stock delisting

April 11 (Reuters) - AstraZeneca Pharma India Ltd, a unit of British drugmaker AstraZeneca Plc, said on Friday the floor price for its delisting from the Indian stock exchanges had been set at 854.1 rupees a share.

AstraZeneca said the delisting of the Indian unit and an increase in its ownership would provide it with “greater operational flexibility” to support the company’s business in the local market.

AstraZeneca Pharma India’s stock has risen nearly 50 percent from the year’s low on Jan. 30 to touch 1,092.35 rupees on Friday on delisting expectations, while the Mumbai market rose roughly 12 percent in that period.

The Indian unit’s board approved the delisting proposal on March 18.

Reporting by Zeba Siddiqui in MUMBAI; Editing by Sumeet Chatterjee

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