Fresenius Kabi Oncology has tanked 20% to Rs 108, its maximum limit of the day, after Fresenius Kabi Oncology (Singapore), the promoter of the company planning to reduce through “offer for sale” (OFS).
“The company has received a letter dated May 30, 2012 from its promoter Fresenius Kabi Oncology (Singapore) notifying the company of its intention of undertake on or more ‘Offer (s) for sale’ on the stock exchanges for sale of up to 23.73 million shares representing approximately 15% of the total share capital of the company in one or more tranches,” Fresenius Kabi Oncology said in a filing.
“The implementation of one or more OFS by Fresenius Kabi Oncology (Singapore) will be subject to the receipt of approval from the Foreign Investment Promotion Board and the market conditions,” it added.
The company is one of the delisting candidates, in which the promoters currently hold 90% stake. The market regulator the Securities and Exchange Board of India (Sebi) has mandated all listed companies to increase public shareholding to a minimum 25% by June 2013.
A combined 150,388 shares have changed hands on the counter so far and there are pending sell orders for 149,294 shares on the NSE and BSE.
