Fresenius Kabi Oncology rose 4.13% to Rs 135 at 15:17 IST on BSE after the company said Securities Appellate Tribunal has granted it an extension of two months to complete its delisting offer.
The announcement was made on Saturday, 19 October 2013.
Meanwhile, the BSE Sensex was up 31.59 points, or 0.15%, to 20,914.48.
On BSE, 37,000 shares were traded in the counter compared with average volume of 73,943 shares in the past one quarter.
The stock hit a high of Rs 136.45 and a low of Rs 132.05 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 underperformed the market over the past one month till 18 October 2013, sliding 3.07% compared with the Sensex's 4.61% rise. The scrip had, however, outperformed the market in past one quarter, rising 20.60% as against Sensex's 3.75% rise.
The small-cap company has an equity capital of Rs 15.82 crore. Face value per share is Re 1.
An order was passed in the open court granting the company an extension of two months from 22 October 2013 for completing the delisting offer, Fresenius Kabi Oncology said in a filing.
A copy of the Securities Appellate Tribunal (SAT) Order will be disseminated once the company receives the same, it added.
The order came after the firm had filed a Miscellaneous Application before SAT seeking an extension of time to complete the delisting offer.
Earlier this month the company had said that Securities and Exchange Board of India (Sebi) had advised it to approach SAT for seeking any relief, including extension of time.
On 16 September 2013, Fresenius Kabi Oncology had said in a filing that the promoter of the company i.e. Fresenius Kabi (Singapore) had made a public announcement to its (Fresenius Kabi Oncology) public shareholders in respect of the proposed acquisition and consequent delisting of the fully paid-up equity shares of the company from the BSE and NSE.
Under the delisting offer, more that three crore shares, accounting for 19% stake in the company, will be acquired at an indicative offer price of Rs 130 each.
As on 30 September 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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