Orchid Pharma has received approval from board of directors to raise Rs 500 crore through Qualified Institutional Placement (QIP), subject to approval of the shareholders. Edelweiss Financial Services and JM Financial 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.
Orchid Pharma, established as an export-oriented unit (EOU), is a vertically integrated company spanning the entire pharmaceutical value chain from discovery to delivery with established credentials in research, manufacturing and marketing.
