Serum Institute hikes Orchid Chemicals stake

Biotech company Serum Institute of India has consolidated its stake in drugmaker Orchid Chemicals & Pharmaceuticals by acquiring 5 lakh fresh shares for Rs 6.6 crore through open market transactions.

Serum Institute bought 5 lakh shares at Rs 132.14 a piece in Orchid Chemicals via bulk deal yesterday, according to the data available with the National Stock Exchange.

As on September 30, Serum Institute held 2,529,197 shares or 3.59% stake in Orchid Chemicals, as per the stock exchange data.

Founded in 1966, Serum Institute manufactures life-saving immuno-biologicals and is one of the world's largest producers of Measles and DTP group of vaccines.

Shares of Orchid Chemicals were trading at Rs 134.40 a piece on the BSE, up 2.48%, this afternoon.