Orchid Chemicals shares surge 14% on bourses

Shares of Orchid Chemicals soared almost 14 per cent today after the company said its board has approved issue of shares to promoters on a preferential allotment basis pursuant to the conditions of CDR package.
The stock of Orchid Chemicals zoomed 13.96 per cent to settle at Rs 83.25 on the BSE. During the day, it rallied 16.83 per cent to Rs 85.35 -- its 52-week high level.
At the NSE, the scrip settled with a gain of 13.58 per cent at Rs 83.20.
"The Board of Directors of the company at its meeting held on July 14, 2014, have approved the issue of shares to promoters on a preferential basis pursuant to the conditions of CDR package sanctioned to the company by corporate debt restructuring cell," Orchid Chemicals & Pharmaceuticals had said in a BSE filing yesterday.

The consent for the same from the shareholders is being sought through postal ballot for which the notice will be sent shortly, it had said.