Astra IDL share price jumps

MUMBAI, DEC 21: The share price of Rs 115 crore, pharmaceutical firm, Astra-IDL shot up on Thursday to Rs 446 after the company announced that the multinational parent, AstraZeneca has bought 51 per cent stake in the company from the Hindujas. The scrip closed at Rs 413 on Wednesday on the Bombay Stock Exchange (BSE).

According to brokers, the scrip shot up due to speculation that the foreign company will have to launch a open offer for small shareholders at the same price of Rs 690 which Hindujas have received. However, legal analysts say that the multinational need not to make an offer as under the takeover code sale of stake between two promoters does not trigger the code. “Even in the case of Honda selling its stake to Kinetic did not trigger the takeover code. The same law will apply here,” analysts say.

The Hindujas-owned, IDI Ltd have recieved a bonanza of Rs 86 crore from the sale of its pharma company stake to Astra Zeneca.

The Astra IDL scrip is on upswing even before the deal was formally announced thus showing that the market was alraedy aware of the development. From a price of Rs 266 on December 1, the scrip shot up to Rs 413 on Wednesday, a jump of 55 per cent. This is as compared to a 52-week low of Rs 157.25 recorded in March this year.