Orchid Pharma to raise Rs 500 crore through QIP

2 Dec 2022 , 09:38 AM

On Thursday, the pharmaceutical company Orchid Pharma said its board approved raising Rs 500 crore from institutional investors. The company announced in a regulatory filing that the board had approved a Qualified Institutional Placement (QIP) campaign to fund Rs 500 crore.

The Dhanuka group, which acquired control of the business in 2018, is complying with its mandated requirement to dilute 15% ownership by March 2023 with this QIP. The company has experienced rapid development after turning around the Insolvency Bankruptcy Code case, according to the statement.

The business claimed it is well-positioned to become an even more dominant competitor in the Cephalosporin antibiotics market because to a solid product launch pipeline and an adaptable management team.

For feedback and suggestions, write to us at [e-mail]