Fresenius Kabi allots 0.99% stake to Atlas Vermoegansverwaltungh

NEW DELHI: Fresenius Kabi Oncology (formerly Dabur Pharma) is making a preferential allotment of 15.5 lakh shares amounting to 0.99% stake to Frankfurt-based Atlas Vermoegansverwaltungh - GmbH, the company informed the Bombay Stock Exchange (BSE) on Wednesday.

The company's board will decide the price of the allotment in its meeting on March 13. The German company bought out 73% owned by Burmans, the former promoters of Dabur Pharma for Rs 878 crore last year.

Subsequently, it came up with the mandatory public offer to acquire additional 20% stake. This increased the company's holding to 90.99%. As per listing agreements of Indian stock Exchange, companies are required to maintain atleast 10% public holding. To comply with the norms, Fresenius Kabi needs to divest at least 0.9% stake.

Fresenius Kabi Oncology stock closed at Rs 36.50, up 0.14% at BSE on Wednesday. Fresenius had bought out the former owners at Rs 76.50 per share and made the open offer to the public at the same price.