Fresenius Kabi Oncology has rallied 19% to Rs 131 after the Securities and Exchange Board of India (Sebi) has allowed the company to delist its shares from the Indian stock market.
The capital market regulator has asked the healthcare firm to complete the delisting process within three months and said that the company would have to take into account its pre-OFS (Offer for Sale) promoter holding of October 2012 to determine the minimum number of shares to be acquired for the delisting.
As on September 2012, Fresenius Kabi (Singapore) Pte Ltd, the parent firm held 90% stake in the company, while remaining 10% stake were with the public shareholders. However, the promoter offloaded 9% through OFS in October 2012 reducing its stake to 81% to fulfill the minimum public shareholding norms as per current regulations which is currently at 75%.
The stock has opened at Rs 132 and touched high of Rs 132 on NSE. A combined 1.07 million shares have already changed hands on the counter till early morning deals against an average sub 50,000 shares that were traded daily in past two weeks on NSE and BSE.
The capital market regulator has asked the healthcare firm to complete the delisting process within three months and said that the company would have to take into account its pre-OFS (Offer for Sale) promoter holding of October 2012 to determine the minimum number of shares to be acquired for the delisting.
As on September 2012, Fresenius Kabi (Singapore) Pte Ltd, the parent firm held 90% stake in the company, while remaining 10% stake were with the public shareholders. However, the promoter offloaded 9% through OFS in October 2012 reducing its stake to 81% to fulfill the minimum public shareholding norms as per current regulations which is currently at 75%.
The stock has opened at Rs 132 and touched high of Rs 132 on NSE. A combined 1.07 million shares have already changed hands on the counter till early morning deals against an average sub 50,000 shares that were traded daily in past two weeks on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%