The shares were bought in open market operations in the price band of Rs 250-260.
Chembrulu Ram, head of corporate communication and investor relations at Orchid, said that these new shareholders had picked up the stake as an investment and that they were not connected with Ranbaxy in any way.
Poonawala informed the stock exchanges today that the shares were bought by its group companies Adurjee & Bros (4.95 per cent), Serum Institute of India, Chakan Investment and Fortune Intercontinental. The last three companies have been listed in the notification as "persons acting in consort".
The Orchid counter witnessed hectic activity in end-March and throughout the first half of April when Ranbaxy-controlled Solrex bought a 14.7 per cent stake in the Chennai-based pharma company.
The counter stabilised after the two companies signed a strategic alliance. Company executives said today that representatives from Orchid and Ranbaxy were working out details of the alliance and details would be announced soon.
Orchid expects to announce its financial results for 2007-08 on May 29. The company's share price gained 2.85 per cent to close at Rs 270.55 on BSE on Tuesday.