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Fresenius Kabi Oncology stock plummeted on Thursday to hit the maximum permissible limit of 20 per cent on the BSE to Rs 108, as the hopes of delisting got dashed.
The company informed the BSE that Fresenius Kabi Oncology (Singapore), the promoter of the company, is planning to reduce 15 per cent stake through “offer for sale” (OFS). Earlier there were expectations in the market circle that the company might consider delisting to meet the proposed SEBI’s minimum public shareholding norm of 25 per cent. Promoters hold 90 per cent stake in the company.
“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.
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