Orchid Chemicals gets approval for scheme of amalgamation

Chennai-based global pharma major, Orchid Chemicals & Pharmaceuticals has received board’s approval for the scheme of amalgamation for the merger of company's wholly-owned subsidiary - Orchid Research Laboratories with itself. The company has received approval for the said scheme of amalgamation at its board meeting held on January 7, 2012.

Recently, Serum Institute of India (Serum) had hiked its stake in Orchid Chemicals & Pharmaceuticals. The institute had bought 5 lakh fresh shares for Rs 6.6 crore through open market transactions, according to the data available with the exchange.

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.