Fresenius Kabi Oncology has surged 13% to Rs 149, extending its previous day’s 20% rally, on back of heavy volumes after the the Securities and Exchange Board of India ( Sebi) on Monday allowed the company to delist its shares from the Indian stock market.
The stock opened at Rs 136 and touched high of Rs 150 so far on NSE. A combined nearly 3 million shares have already changed hands on the counter till 1430 hours against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
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.
Meanwhile, the Foreign Investment Promotion Board (FIPB) would consider the proposal of Fresenius Kabi (Singapore) Pte Ltd, the promoter of the company, to acquire the entire public shareholding of Fresenius Kabi Oncology Ltd through a voluntary delisting offer at its meeting on July 29.
The stock opened at Rs 136 and touched high of Rs 150 so far on NSE. A combined nearly 3 million shares have already changed hands on the counter till 1430 hours against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.
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.
Meanwhile, the Foreign Investment Promotion Board (FIPB) would consider the proposal of Fresenius Kabi (Singapore) Pte Ltd, the promoter of the company, to acquire the entire public shareholding of Fresenius Kabi Oncology Ltd through a voluntary delisting offer at its meeting on July 29.
