Fresenius Kabi Oncology has soared 20% to Rs 153 after the pharmaceutical company said that its Singapore-based promoter seeks voluntary delisting of shares of the company from the Indian bourses.
“The company has received a letter dated April 16, 2013 from its promoter shareholder, Fresenius Kabi (Singapore) Pte Ltd. (FKSL) notifying the company of its intention to make a voluntary delisting offer to the public shareholders of the company to acquire the entire public shareholding of the company and delist the equity shares of the company from the stock exchanges,” Fresenius Kabi Oncology said in a filing.
FKSL intends to pay an indicative price of Rs 130 per share to acquire the shares offered to it in the Delisting Offer.
FKSL has stated that in the event the Delisting Offer is not successful it shall take steps to achieve compliance with the minimum public shareholding requirement of 25%, the company said.
Currently, the public shareholders held 30.06 million equity shares of Re 1 each representing 19% of the share capital of the company. The equity shares of the company are presently listed on BSE and NSE.
The market regulator Securities and Exchange Board of India (Sebi) has mandated that all listed companies have to increase public shareholding to a minimum 25% by June 2013.
A meeting of the board of directors of the Company has been scheduled on April 17, 2013 to consider and decide on the Delisting Offer and matters incidental thereto.
The stock opened at Rs 129 and hit a low of Rs 126 before the announcements on NSE. The counter has seen huge trading activity with a combined 2.12 million shares changing hands till 1106 hours against an average around 200,000 shares that were traded daily in past two weeks on NSE and BSE.
“The company has received a letter dated April 16, 2013 from its promoter shareholder, Fresenius Kabi (Singapore) Pte Ltd. (FKSL) notifying the company of its intention to make a voluntary delisting offer to the public shareholders of the company to acquire the entire public shareholding of the company and delist the equity shares of the company from the stock exchanges,” Fresenius Kabi Oncology said in a filing.
FKSL intends to pay an indicative price of Rs 130 per share to acquire the shares offered to it in the Delisting Offer.
FKSL has stated that in the event the Delisting Offer is not successful it shall take steps to achieve compliance with the minimum public shareholding requirement of 25%, the company said.
Currently, the public shareholders held 30.06 million equity shares of Re 1 each representing 19% of the share capital of the company. The equity shares of the company are presently listed on BSE and NSE.
The market regulator Securities and Exchange Board of India (Sebi) has mandated that all listed companies have to increase public shareholding to a minimum 25% by June 2013.
A meeting of the board of directors of the Company has been scheduled on April 17, 2013 to consider and decide on the Delisting Offer and matters incidental thereto.
The stock opened at Rs 129 and hit a low of Rs 126 before the announcements on NSE. The counter has seen huge trading activity with a combined 2.12 million shares changing hands till 1106 hours against an average around 200,000 shares that were traded daily in past two weeks on NSE and BSE.
