Orchid Chemicals & Pharmaceuticals have seen its promoters and group firm pledging their stake in the company. The promoters of the company K Raghvendra Rao, R Vijayalakshmi, R Divya and R Sowmya have pledged 22.35% stake in the company while the group firm Orchid Health Care has also pledged their shares. It, however, did not disclose to whom the shares were pledged and at what price.
The company said four of its promoters and a promoter group firm have pledged a total of 1,57,45,383 shares, out of total 7,04,42,076 outstanding shares of the company. The promoters have a total of 30.53% stake in the company as on March, 2011.
Orchid Chemicals & Pharmaceuticals (Orchid) 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).
