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Biotech firm Serum Institute of India has increased its stake in Orchid Chemicals and Pharmaceuticals by acquiring 5 lakh shares for Rs 6.6 crore through the open market, according to NSE data.
As on September 30, Serum had 25 lakh shares in Orchid or 3.59 per cent stake. The Orchid Chemicals stock went up 4.27 per cent to Rs 136.75 on Wednesday.
The company recently tied up with a consortium of three Indian banks to raise $100 million through external commercial borrowings to redeem outstanding foreign currency convertible bonds of $117 million. The FCCB is set to mature in February 2012.
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