Orchid Pharma stocks gain 2% as promoter sells 2.56% stake

Orchid Pharma’s Promoter Dhanuka Laboratories sold 13 lakh equity shares or a 2.56 percent stake, in the company via open market transaction at an average price of Rs 571.28 per share.

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Shares of Orchid Pharma gained 2 percent at open on the NSE on November 29, a day after promoter Dhanuka Laboratories sold a stake in the pharma company. As of 9:20am, the stock was trading at Rs 575.40.

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As per exchange information,  Orchid Pharma‘s Promoter Dhanuka Laboratories sold 13 lakh equity shares, or a 2.56 percent stake, in the company via open market transaction at an average price of Rs 571.28 per share. UTI Mutual Fund bought 4.45 lakh shares in the company at an average price of Rs 571 per share.

Also Read: Dhanuka Agritech Standalone September 2023 Net Sales at Rs 617.92 crore, up 13.82% Y-o-Y

Dhanuka Group took over the then-debt-ridden Orchid Pharma in 2020 as a part of an insolvency plan. As of September 2023, according to Screener, promoter stakeholding in Chennai-based Orchid Pharma was reduced to around 72.40 percent. In September last year, in a conversation with CNBC TV-18, Dhanuka Agritech MD MK Dhanuka had said that they were looking at options to reduce holding in Orchid Pharma. “Since it is a mandatory requirement to dilute 15 percent by March 2023, we are looking at the best option which might be available,” he added.

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