Abstract: The present invention relates to a pharmaceutical cold kit composition comprising a chelating agent linked to somatostatin receptor binding organic moiety, a stabilizer, a buffer, and a caking agent or bulking agent, wherein the composition is free of sequestering agent. Further, the present invention also relates to the process of preparing reconstituted or radiolabeled solution composition having high in use stability and radiochemical purity and use thereof for diagnostic and/or therapeutic purposes.