Online edition of India's National Newspaper
Saturday, May 17, 2008
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Online edition of India's National Newspaper Saturday, May 17, 2008 ePaper | Mobile/PDA Version |
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MUMBAI: Orchid Chemicals, which came into prominence recently for pharma major Ranbaxy acquiring over 14 per cent stake and later forging an alliance, on Friday disclosed over seven per cent stake purchase by another investor, believed to be acting on part of the Pune-based Poonawala group. According to a stock market disclosure made on Friday to the National Stock Exchange, Pune-based Adurjee & Bros Pvt. Ltd. has accumulated a 7.22-per cent stake in Orchid Chemicals through open market transactions. This stake is now worth over Rs. 125 crore. The disclosure named Serum Institute of India Ltd., Chakan Investment Pvt. Ltd. and Fortune Interncontinental Pvt. Ltd. as persons acting in concert (PACs) for Adurjee & Bros. Serum Institute is a leading vaccine maker and is part of the Poonawala group of stud farms fame. Cyrus Poonawala is the Chairman and Managing Director of Serum Institute. According to the disclosure, Adurjee & Bros acquired 1.499 million shares of Orchid Chemicals and Pharmaceuticals, accounting for 2.27 per cent stake, on May 14, taking its total holding to 4.76 million shares, or 7.22 per cent. According to the latest shareholding pattern data filed by Orchid, Adurjee did not figure among the shareholders having a stake of over one per cent as on March 31, 2008. It was not clear whether the stock purchases were financial or strategic investments. Officials of Orchid Chemicals and the Poonawala group could not be immediately contacted for any comment. — PTI
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