Orchid Chemicals promoters pledge 22.35% stake

Orchid Chemicals & Pharmaceuticals today said its promoters had pledged 22.35% stake in the company.

In a filing to the Bombay Stock Exchange, the company said four of its promoters and a promoter group firm had pledged a total of 1,57,45,383 shares, out of total 7,04,42,076 outstanding shares of the company.

It, however, did not disclose to whom the shares were pledged and at what price.

The promoters who have pledged their shares are K Raghvendra Rao, R Vijayalakshmi, R Divya and R Sowmya, while the group firm that has also pledged the shares is Orchid Health Care Pvt Ltd.

According to data available on the BSE, the promoters have a total of 30.53% stake in the company as on March, 2011.

Shares of Orchid chemicals & Pharmaceuticals today closed at Rs 248.55 on the BSE, down 8.69% from its previous close.