Drug firm Orchid Chemicals & Pharmaceuticals is in talks with banks to convert its rupee debt into dollar-denominated one. "The company is currently in talks with banks to explore the possibility of converting its rupee debt into dollar-denominated debt," Orchid Chemicals & Pharmaceuticals said in a filing to BSE.This is part of efforts to bring down the interest burden of the company, which will ultimately be beneficial to the bottom line, it added.
The company has a total debt of around Rs 3,100 crore. Set up in 1992 as an export-oriented unit, Orchid Chemicals & Pharmaceuticals currently has presence across segments such as anti-infectives, anti-inflammatory, central nervous system (CNS), cardio vascular segment (CVS), nutraceuticals and other oral and sterile products. The stock was today trading at Rs 54.30 in the afternoon trade on BSE, up 2.94 percent.
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