Financial creditors of Orchid Pharma likely to see larger haircut

The lenders of Orchid Pharma may see a larger haircut if the second attempt to arrive at a  resolution plan goes through, as the highest bidder Dhanuka Laboratories has quoted a total of around Rs 610 crore. This is compared to the Rs 1,490 crore quoted by Ingen Cap ital in the first attempt of the process.

A total of 24 financial creditors have an accepted claim of around Rs 3,390 crore from Orchid Pharma. Of these, eight financial creditors including Bank of India, Punjab National Bank, Canara Bank, Indian Overseas Bank, IDBI Bank, Kotak Mahindra Bank