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The Securities Appellate Tribunal has admitted an appeal filed by anti-cancer drug manufacturer Fresenius Kabi Oncology against market regular SEBI’s conditional nod for delisting the company from Indian bourses. SEBI had, on July 22, allowed the Indian arm of Singapore-based pharma major Fresenius Kabi to complete its delisting procedure in three months.
On Thursday, the tribunal, which hears and passes judgments on cases relating to SEBI, adjourned the plea till August 18.
Besides, the market regulator directed the company 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.
Through the OFS, the promoters had sold 1.42 crore shares and reduced their shareholding to 81 per cent (reduction by 9 per cent) at around Rs 82 a share. Currently, the total promoter holding in the company, earlier known as Dabur Pharma Ltd, stands at 81 per cent as against SEBI’s cap of 75 per cent.
Earlier this year, Fresenius Kabi had challenged the market regulator after it denied the company’s delisting proposal.
Several pressure groups, including Stakeholders Empowerment Services had questioned the company’s rationale for delisting within six months of launching the OFS.
SEBI had introduced the concept of OFS last year to enable companies to comply with its minimum public shareholding norms.
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