The promoters holding will now increase to 43 percent.
The promoters of Orchid Pharma have approved the issuance of shares to promoters on a preferential basis in order to fulfill corporate debt restructuring (CDR) requirements.
Chairman and managing director, K Raghavendra Rao, says the promoters holding will now increase to 43 percent and about Rs 681 crore debt has been repaid to banks.
"We now have a working capital of Rs 479 crore," adds Rao whose company has reduced net debt to Rs 2300 crore versus Rs 3500 crore earlier.
Transcript to follow soon.
Orchid Chemical stock price
On July 15, 2014, at 11:12 hrs Orchid Chemicals and Pharmaceuticals was quoting at Rs 77.30, up Rs 4.25, or 5.82 percent. The 52-week high of the share was Rs 83.90 and the 52-week low was Rs 35.00.
The latest book value of the company is Rs 69.29 per share. At current value, the price-to-book value of the company was 1.12.
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Orchid pref issue gets nod; CMD says debt cut by Rs 2300cr
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