Mumbai, July 5: AstraZeneca Pharmaceuticals AB plans to de-list its subsidiary, AstraZeneca Pharma India. It has announced an open offer to the shareholders of the subsidiary at a floor price of Rs 825 per share to mop up the remaining 8.4 per cent of the company.

The Anglo-Swedish parent will have to shell out close to Rs 35 crore if it is successful in mopping up the entire 419509 shares at the floor price. The offer will open on July 19 and close on July 23.

Under the first and second open offers, the company had acquired the shares from the public at Rs 375 apiece. However, it is now subject to the guidelines prescribed by the Securities and Exchange Board of India (Sebi) for the delisting process and requires to undertake the reverse book-building process, DSP Merrill Lynch said in a communication to the stock exchanges today.

“The guidelines now require the determination of the floor price for the shares to be acquired pursuant to the reverse book-building process, to be based on the factors as laid out by the guidelines. For this purpose, the acquirer had appointed Deloitte Haskins & Sells, who has determined the floor price at Rs 825 per share,” the communication added.

In November 2000, the parent company acquired over 25 per cent stake held by Hinduja-controlled IDL Industries, which was an equal joint venture partner in the company, at Rs 670 per share.

Subsequently, AstraZeneca bought another 5 per cent stake at the same price from Hinduja Finance and some other investors, taking its holding to over 56 per cent in May 2001.