Orchid Pharma board gives go-ahead to raise Rs 500 crore

New Delhi: Drug firm Orchid Pharma on Thursday said its board has approved raising Rs 500 crore from institutional investors. The company's board has approved a Qualified Institutional Placement (QIP) programme to raise Rs 500 crore, it said in a regulatory filing.

With this QIP, the Dhanuka group, which took over the company in 2018, is also meeting its mandatory obligation to dilute 15 per cent stake in it by March 2023.

Post a successful turnaround of the Insolvency Bankruptcy Code case, the company has been on a growth spree, it said.

On the back of a robust product launch pipeline and an agile management team, the company said it is poised to become an even stronger player in the Cephalosporin antibiotics space.