Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma

The resolution plan will fetch the secured lenders around 32.3% recovery

The resolution plan of Gurgaon-based Dhanuka Laboratories for the revival of Chennai-based debt-ridden Orchid Pharma Ltd has been implemented, potentially fetching secured lenders around 32.3 per cent recovery. In addition, the secured lenders will also receive around 4,08,164 equity shares at an issue price of Rs 10 each for part of their debt.

Orchid Pharma's regulatory filing on Tuesday said the paid-up equity share capital of the company has been reduced from Rs 88.96 crore to Rs Rs 40.81 crore, with cancellation of 88.56 million equity shares of Rs 10 each. A meeting of the Monitoring Committee held this week