Fresenius Kabi Oncology dips on promoter stake sale reports

The promoters plan to offload 10% stake in the company, reports suggest

Fresenius Kabi Oncology has dipped almost 8% to Rs 84.90 in opening trades on the Bombay Stock Exchange (BSE), after its parent company Fresenius Kabi Singapore PTE propose to offload part of its holding through open market sale on Friday, October 12.

The promoter currently held 90% stake in pharmaceutical company proposed to sale 9% of its holding via BSE and NSE.

“Fresenius Kabi Singapore PTE has submitted to BSE a consolidated notice of Offer for Sale of 11.87 million equity shares with an option to sell an additional 2.37 million equity shares aggregating to 14.24 million equity shares of face value of Re 1/- each, representing 9% of total equity of Fresenius Kabi Oncology Ltd on October 12, 2012, by promoter through a sale on the separate window provided by the stock exchanges for this purpose,” the company said in a filing.

 

The sale shall take place at the separate window of the stock exchanges and shall commence on October 12, 2012 at 9.15 a.m. and shall close the same day at 03.30 p.m., it added. The stock opened at Rs 84.95 and hit a high of Rs 89.30 on the NSE. A combined 140,182 shares have changed hands on the counter in opening deals on both the exchanges.