Chennai-based Orchid Pharma’s stock on Wednesday touched Rs 2,028.15 up more than 11,100 per cent from Rs 18 in November, bringing cheer to Dhanuka Pharmaceuticals that took over the company almost a year ago. Dhanuka reckons loss-making Orchid will make 20-25 per cent growth and return to profit in 6-12 months.
Orchid Hlthcare’S Generic Zolmitriptan Receives Approval In US
The National Company Law Tribunal (NCLT) on Monday approved Gurgaon-based Dhanuka Laboratories’ Rs 1,116 crore resolution plan to take over the debt ridden Orchid PharmaNSE 4.35 % in what could be termed as yet another case resolved under the Insolvency and Bankruptcy Code (IBC). nnnRead more at:n//economictimes.indiatimes.com/articleshow/69950982.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Gurgaon-based Dhanuka Laboratories has been shortlisted as the highest qualified bidder to take over distressed company Orchid PharmaNSE 4.72 %. The company has bid less than 1,000 crore for Orchid that owes lenders 3,200 crore, which means lenders will vote for what will effectively mean a close to 70% haircut.
Orchid Pharma Ltd is one step closer to finalising its second attempt to find a resolution plan under the Corporate Insolvency Resoltuion Process (CIRP) it initiated earlier, as the Resoltuion Professional (RP) received three resolution plans as on May 17, 2019.
Shares of Orchid Pharma locked at upper circuit on May 15 on the back of USFDA nod for Risedronate Sodium Tablets
The lenders to Orchid Pharma have rejected the resolution plan of the bankrupt company, a decision that could push the troubled drug-maker toward liquidation. “The resolution professional has conducted three rounds of bidding.
MUMBAI: Ingen Capital, Fidelity Trading Corporation and Union Quimico Farmacéutica are in the final race to acquire distressed drug maker Orchid Pharma, people familiar with the matter said.
Aurobindo Pharma Limited has denied rumours it is interested in Orchid Pharma after a report suggested it is vying with Dr Reddy’s to acquire the bankrupt API firm.
On December 18, 2017 Serum Institute of India sold 7,50,000 shares of Orchid Pharma at Rs 18.55 on the NSE.