Orchid Chem up 4%, promoter firm pumps funds to cut debts

Moneycontrol Bureau

Shares of Orchid Chemicals & Pharmaceuticals jumped 4 percent intraday Tuesday on its fund raising plans to ease out debts. As part of its corporate debt restructuring (CDR) scheme, the company has allotted 1.48 crore shares at Rs 49.79 per share on preferential basis to its promoter group company Orchid Healthcare.

“The board of directors at their meeting held on December 22, 2014 has allotted 1,48,09,801 equity shares of Rs 10 each at Rs 49.79 (including a premium of Rs 39.79 per share) as the first tranche to Orchid Healthcare on preferential basis,” the company said in a statement.

As part of the CDR package, promoter group firm will pick up stakes to infuse Rs 92.17 crore into the company through preferential allotment of shares. It has around Rs 3,500 crore outstanding debt.