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Last Updated : Sep 04, 2013 12:38 PM IST | Source: Moneycontrol.com

Fresenius Kabi Oncology surges 12% on FDI approval

Parent company Fresenius Kabi (Singapore) Private Limited holds 81 percent stake in the company as of June 2013. The Royal Bank of Scotland Asia Merchant Bank (Singapore), Macquarie Bank, Morgan Stanley Asia (Singapore) PTE and Nomura Singapore have 6.85 percent stake.

 
 
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Moneycontrol Bureau


Fresenius Kabi Oncology shares are on buyers' radar in early trade Wednesday after the government approved Rs 349 crore FDI proposal of the company.


This foreign direct investment (FDI) approval will allow parent company to acquire shares of the Indian subsidiary which will then be delisted.


Parent company Fresenius Kabi (Singapore) Private Limited holds 81 percent stake in the company as of June 2013.


The Royal Bank of Scotland Asia Merchant Bank (Singapore), Macquarie Bank, Morgan Stanley Asia (Singapore) PTE and Nomura Singapore have 6.85 percent stake.


As per the SEBI order dated July 22, the company has to complete the delisting process within three months from the date of the order.


At 09:27 hours IST, the stock was quoting at Rs 129.90, up 8.16 percent amid hefty volumes on the Bombay Stock Exchange.

Meanwhile, the government approved 17 FDI proposals totalling Rs 992.61 crore on Tuesday, while it recommended Rs 2,058 crore Jet-Etihad deal for final clearance to the Cabinet.

First Published on Sep 4, 2013 09:51 am
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