The board of directors of Orchid Pharma Ltd. ("Company") has approved the Company's Qualified Institutional Placement ("QIP") programme to raise upto Rs.500 Crore, subject to approval of the shareholders.
Edelweiss Financial Services Limited and JM Financial Limited are the investment banks handling the share sale.
Post a successful turnaround of the Insolvency Bankruptcy Code case, the Company has been on a growth spree. On back of a robust product launch pipeline and an agile management team, the Company is poised to become an even stronger player in the Cephalosporin Antibiotics space.
With this QIP placement, the Dhanuka group, which took over the Company in 2018, is also meeting its mandatory obligation to dilute 15 percent stake in the Company by March 2023.
Shares of Orchid Pharma Limited was last trading in BSE at Rs. 394.20 as compared to the previous close of Rs. 401.15. The total number of shares traded during the day was 675 in over 45 trades.
The stock hit an intraday high of Rs. 401.00 and intraday low of 386.50. The net turnover during the day was Rs. 265844.00.