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.
