Orchid Pharma to raise Rs 500 crore from institutional investors
New Delhi: Drug firm Orchid Pharma on Thursday said its board has approved to raise Rs 500 crore from institutional investors.
The company's board has approved a Qualified Institutional Placement (QIP) programme to raise Rs 500 crore, it said in a regulatory filing.
With this QIP, the Dhanuka group, which took over the company in 2018, is also meeting its mandatory obligation to dilute 15 percent stake in it by March 2023.
Post a successful turnaround of the Insolvency Bankruptcy Code case, the company has been on a growth spree, it said.
On the back of a robust product launch pipeline and an agile management team, the company said it is poised to become an even stronger player in the Cephalosporin antibiotics space.
Read also: Orchid Pharma reports 36 percent surge in total revenue from operations in Q2
Established in 1992 as an export-oriented unit (EOU), Orchid Pharma Ltd. is a vertically integrated company spanning the entire pharmaceutical value chain from discovery to delivery with established credentials in research, manufacturing and marketing.The company has a multi-therapeutic presence across segments like anti-infectives, anti-inflammatory, central nervous system (CNS), cardiovascular segment (CVS), nutraceuticals, and other oral and sterile products.
Read also: Orchid Pharma to transfer NPNC formulations division to JV with Bionpharma
