- Indian stock markets cash turnover crashes 6.4% to Rs 32 lakh cr last fiscalIndian rupee pares initial gains, still up 76 paise Vs dollarBSE Sensex gains some, NSE Nifty drops, as Ranbaxy Laboratories shares fall off cliffGlobal financial crisis: Stocks that crashed in Lehman aftermath now favourites, Sesa Goa, Jindal Steel shares lead
Fresenius Kabi (Singapore) Pte on Tuesday announced the proposed schedule for delisting its subsidiary, Fresenius Kabi Oncology, from the BSE and the NSE on Tuesday.
The announcement comes a week after the Securities Appellate Tribunal (SAT) allowed the company to delist its shares without having to meet the conditions imposed by Sebi. In an order dated July 22, Sebi had asked the pharma firm to raise its promoter holding by 14% to 95% before delisting. As per the new SAT order, the company can now delist from the exchanges by raising its promoter holding by 9.5% to 90.5% of the total shareholding. On Tuesday, the company said the acquirer, Fresenius Kabi (Singapore) Pte, seeks to acquire up to 3 crore shares of Fresenius Kabi Oncology, representing 19% of the total share capital of the company from public shareholders. The acquirer/promoter currently holds 81% of the fully paid-up equity share capital of the company.
The floor price for the reverse book-building process has been set at R116.10. The period for placing bids for arriving at a discovered or exit price is between October 15 and October 22. Fresenius Kabi shares ended 4.5% higher on Tuesday on the BSE at R133.95.
In April, the board of directors of the company had approved the commencement and implementation of the delisting offer and had sought the approval of the company shareholders by way of a special resolution through postal ballot to meet the delisting regulations. Subsequently, in May, the shareholders adopted a special resolution through postal ballot approving the delisting offer.
In October last year, Fresenius sold 9% promoter stake through the OFS route, reducing its promoter holding to 81%, but later proposed to delist its shares from stock exchanges instead of selling a further 6% stake to meet Sebi’s minimum public shareholding requirement. In June this year, Sebi passed an order against about 100 companies, including Frenesius Kabi Oncology, for not meeting minimum public shareholding norms, and barred promoters of these companies from dealing in their firms’ shares, making Frenesius’ delisting bid untenable.