Business Daily from THE HINDU group of publications
Tuesday, Apr 08, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Apr 08, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Mergers & Acquisitions Markets - Stocks Our Bureau Chennai, April 7 Solrex Pharmaceuticals announced to the stock exchanges today that it has bought 2.2 lakh shares in the Chennai-based Orchid Chemicals and Pharmaceuticals. With this, Solrex’ holding in Orchid rises to 8.06 per cent. Some market observers foresee a possible takeover attempt. Orchid’s promoter, Mr K. Raghavendra Rao, holds 17 per cent in the company. Mr Rao’s recent attempt to raise his stake to 25 per cent did not fructify. Mr Rao had pledged his shares to fund his stake-hike. When the company’s share prices started declining after Bear Stearns dumped its holding of Orchid, the lender, Indiabulls, sold off the pledged shares. As a result, Mr Rao holds only 17 per cent. Reuters adds: According to a private TV news channel report, Solrex Pharma is a Ranbaxy promoter’s group company. However, this could not be verified independently and when contacted spokesperson for Ranbaxy Labs declined to comment. The bulk deal data available at the BSE said Solrex purchased the shares for about Rs 39.16 crore. Shares of Orchid Chemicals closed at Rs 207.15 at the BSE, up 15.53 per cent from the previous close More Stories on : Mergers & Acquisitions | Stocks | Pharmaceuticals
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