Fresenius Kabi Oncology has surged 11% to Rs 122 after reports suggest that the Securities Appellate Tribunal (SAT) has directed the Securities Exchange Board of India (SEBI) to given an opportunity of personal hearing to company.
The tribunal said that the market regulator should 'a rational and reasonable decision' within four weeks on the company's plans of delisting.
The stock opened at Rs 110 and touched high of Rs 130 on BSE. A combined 612,791 shares already changed hands on the counter till 1153 hours against an average around 100,000 shares that were traded daily in past two weeks on BSE and NSE.
The pharmaceutical company, last week, had filed an appeal against the SEBI’s order related to non-compliance of minimum 25% public shareholding norms and had sought approval for its delisting plans.
The regulator had refused permission to the company for its delisting plans, saying that it had benefited from a specially designed offer-for-sale (OFS) route for expanding the public float of shares.
Fresenius Kabi (Singapore) Pte Ltd, the promoter of the company, is planning to delist its Indian arm by buying out 19% stake held by the public.
In April 2013 regulatory filing, Fresenius Kabi (Singapore) Pte Ltd, which currently holds 81% of the total stake in Fresenius Kabi Oncology, said that it intends to pay an indicative price of up to Rs 130 per share to acquire the scrips offered to it in the delisting offer.
The tribunal said that the market regulator should 'a rational and reasonable decision' within four weeks on the company's plans of delisting.
The stock opened at Rs 110 and touched high of Rs 130 on BSE. A combined 612,791 shares already changed hands on the counter till 1153 hours against an average around 100,000 shares that were traded daily in past two weeks on BSE and NSE.
The pharmaceutical company, last week, had filed an appeal against the SEBI’s order related to non-compliance of minimum 25% public shareholding norms and had sought approval for its delisting plans.
The regulator had refused permission to the company for its delisting plans, saying that it had benefited from a specially designed offer-for-sale (OFS) route for expanding the public float of shares.
Fresenius Kabi (Singapore) Pte Ltd, the promoter of the company, is planning to delist its Indian arm by buying out 19% stake held by the public.
In April 2013 regulatory filing, Fresenius Kabi (Singapore) Pte Ltd, which currently holds 81% of the total stake in Fresenius Kabi Oncology, said that it intends to pay an indicative price of up to Rs 130 per share to acquire the scrips offered to it in the delisting offer.