Promoter group to infuse Rs 92 crore in Orchid Pharma

The fund infusion through preferential allotment is part of CDR package

Orchid Healthcare Pvt Ltd, a promoter group firm of Orchid Chemicals and Pharmaceuticals Ltd, would pick up stakes to infuse Rs 92.17 crore into the company through preferential allotment of shares, as part of promoter's contribution under the Corporate Debt Restructuring (CDR) package.

The company, which is currently going through CDR process, has to comply with the requirements of the CDR programme approved by the consortium of Bankers and Corporate Debt Restructuring Empowered Group, and for this, promoter K Raghavendra Rao or the Promoter Group has to contribute a sum of Rs 92.17 to the Company, said the company in its postal ballot issued today.

The company has also sought shareholders' approval to borrow an amount not exceeding Rs 2,500 crore, apart from suggestions to amend the main objects of the Memorandum of Association.