AstraZeneca Pharma shares surge 20% on delisting proposal

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.
The drug firm's scrip 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.