The stock of Orchid Pharma zoomed 567 per cent since its relisting
Published On: Wednesday, December 30, 2020 | By: Team KnowMyStock
Currently, Orchid Pharma is trading under the T group on the BSE. In the T2T segment, each trade has to result in delivery and no intra-day netting of positions is allowed. According to the latest shareholding pattern data, the promoter Dhanuka Laboratories held a 98.04 percent stake in Orchid Pharma. The public shareholders held a mere 2 percent holding, of which, 1 percent stake is with the financial institutions and banks, while individual shareholders held a 0.55 percent stake in the company, the data shows. On March 31, 2020, the resolution plan under Corporate Insolvency Resolution Process (CIRP) has been implemented and the Board has been re-constituted with the members nominated by Dhanuka Laboratories, Haryana, India, the resolution applicant.
Orchid Pharma has become a subsidiary of Dhanuka Laboratories, Gurgaon, India with effect from March 31, 2020, pursuant to the allotment of 40 million equity shares of Rs 10 each in accordance with the approved Resolution Plan.
The company’s new management said the Huge efforts are required towards regaining the confidence of various stakeholders and rebuilding the organisation to greater heights. With the implementation of the Resolution Plan, the Company is hopeful and confident of accomplishing improved sales and EBIDTA (earnings before interest, taxes, depreciation, and amortization) during the course of time, it said in financial year 2019-20 (FY20) annual report.
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