Swedish pharmaceutical major, Astra Pharmaceuticals AB, along with its holding company, Astra Zeneca AB, will make an open offer to hike its stake in its Indian arm, AstraZeneca Pharma India, to 100 per cent.
Astra Pharmaceuticals AB informed the Securities and Exchange Board of India of its decision to make a voluntary offer to the public shareholders of AstraZeneca Pharma India (Astra India) to acquire 21,75,050 shares, representing 43.501 per cent of the paid-up equity share capital, at a price of Rs 375 per share.
This is the remaining, non-promoter outstanding equity capital of Astra India. Astra Pharmaceuticals AB currently holds 2,824,950 equity shares in Astra India, which amounts to 56.49 per cent. AstraZeneca AB does not hold shares in Astra India.
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The offer is being managed by merchant bankers DSP Merrill Lynch and will remain open from April 29, 2002, to May 28, 2002.
The offer price of Rs 375 per share works out to a premium of 31 per cent on Astra India