Orchid Chemicals & Pharmaceuticals has shelved the proposed $75 million foreign currency convertible bonds (FCCBs) issue following the recent hike in interest rates in the US, and the rupee appreciation against the US dollar."The FCCB issue is shelved for the time being," a company official told said today.The company had obtained shareholders' approval for $75 million FCCBs at an EGM held on April 10, 2004.With no signs of a decline in interest rates in the US and the rupee's recent rally against the dollar, Orchid is unlikely to tap the FCCB market during the current fiscal. "It (FCCB) is very unlikely to happen this fiscal," the official added.The company had planned the FCCB issue to fund its long-term growth plans. It has identified 15 key antibiotic formulation products to propel its entry and growth in the US generics market.
