Fresenius Kabi Oncology jumped 5.54% to Rs 126.75 at 15:30 IST on BSE after the government approved the proposal of Fresenius Kabi (Singapore) to acquire shares of the Indian subsidiary, which will then be delisted.
Meanwhile, the BSE Sensex was up 320.19 points, or 1.76%, to 18,554.85.
On BSE, 60,081 shares were traded in the counter compared with average volume of 62,380 shares in the past one quarter.
The stock hit a high of Rs 134.50 and a low of Rs 125.50 so far during the day. The stock hit a 52-week high of Rs 154.20 on 30 July 2013. The stock hit a 52-week low of Rs 78.50 on 18 October 2012.
The stock had outperformed the market over the past one month till 3 September 2013, rising 2.61% compared with the Sensex's 4.85% decline. The scrip had also outperformed the market in past one quarter, falling 3.73% as against Sensex's 7.02% fall.
The small-cap company has an equity capital of Rs 15.82 crore. Face value per share is Re 1.
On Tuesday, 3 September 2013, the government approved 17 foreign direct investments (FDI) proposals, including Rs 349 crore proposal of Fresenius Kabi (Singapore), the overseas parent of Fresenius Kabi Oncology.
The approval will allow Fresenius Kabi (Singapore) to acquire shares of the Indian subsidiary, which will then be delisted from the Indian stock exchanges.
Fresenius Kabi (Singapore) had announced delisting plan in April 2013. The foreign promoter had expressed its intention to pay an indicative price of up to Rs 130 per share to acquire the shares offered to it in the delisting offer. As on 30 June 2013, Fresenius Kabi (Singapore) held 81% stake in the company.
Net profit of Fresenius Kabi Oncology declined 63.19% to Rs 4.80 crore on 34.75% decline in net sales to Rs 80.95 crore in Q1 June 2013 over Q1 June 2012.
Fresenius Kabi Oncology develops, manufactures and markets anti-cancer products for critically and chronically ill patients.
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