Orchid Pharma to raise $100mn via GDRs

Orchid Chemicals & Pharmaceuticals is planning to float GDRs upto $100 million to fund its multi-therapeutic expansion and reduce interest burden.

According to a Orchid release issued to the BSE, the board has considered a proposal to raise long term funds by way of issue of GDRs in the international market of $100 million, with an additional 15% green shoe option.

The board has also considered issuing 25 lakh warrants, convertible into equity shares to the promoters, in accordance with Sebi guidelines for preferential issue.

The authorised share capital is also being proposed to be increased to Rs 55 crore from Rs 45 crore, the release added.