The board of directors of Orchid Pharma Ltd has approved the company’s qualified institutional placement programme to raise up to ₹500 crore, subject to approval of the shareholders.
Edelweiss Financial Services Limited and JM Financial Limited are the investment banks handling the share sale.
With this QIP placement, the Dhanuka group, which took over the Company in 2018, is also meeting its mandatory obligation to dilute 15 percent stake in the Company by March 2023.
Shares of Orchid Pharma closed 2.64 per cent higher at ₹404.60 on the BSE.