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CARE places Orchid Pharma rating on Credit Watch with Developing Implication; Stock slips ~3%

The rating on long-term bank facilities has been revised to CARE BBB- (CWD) and short-term rating CARE A3 (CWD).

December 27, 2021 9:18 IST | India Infoline News Service
CARE Ratings Limited has reviewed its rating for the bank facilities of Orchid Pharma Limited on account of the proposed Scheme of Amalgamation and Arrangement between Dhanuka Laboratories Limited and the Company.

The rating on long-term bank facilities Rs261cr has been revised to CARE BBB- (CWD). Placed on Credit Watch with Developing Implications from earlier CARE BBB-; Stable rating. For short-term bank facilities, Rs50cr CARE A3 was placed on Credit Watch with Developing Implications.

The company stock was under pressure on Monday morning and at around 9.20 am, Orchid Pharma Ltd was trading at Rs385.50 per piece down by Rs11.5 or 2.9% from its previous closing of Rs397 per piece on the BSE.

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