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Orchid Chemicals concludes process of debt recast

07 Jul 2014 Evaluate

Orchid Chemicals and Pharmaceuticals has concluded the debt recast scheme it started in June last year. The process allows the company to pay back dues of Rs 2,866 crore to a consortium of lenders over a period of 10 years.

Moreover, the RBI panel on debt recast has also cleared the Business Transfer Agreement Orchid entered into with Hospira India in 2012, allowing the company to pay-off a portion of its total debt of Rs 3,547 crore and meet working capital requirements.

The proceeds of the sale to Hospira amount to Rs 1,134 crore. With this development, the company is back on the growth path.

Orchid Chemicals & Pharmaceuticals is a pharmaceutical company engaged in development and manufacture of active pharmaceutical ingredients (APIs) and finished dosage forms. It is also engaged in research of new drugs. The company was incorporated in the year 1992 as a 100% export-oriented unit (EOU).

Orchid Pharma Share Price

570.50 6.40 (1.13%)
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