Orchid Chem zooms 11% on more block deals

The two block deals of 4,06,501 shares or 0.6% of the Orchid Chemicals and Pharmaceuticals equity were struck on the BSE and NSE this morning.

Orchid Chemicals is reportedly on the radar for hostile takeover by pharma major Ranbaxy.

The deals were struck at the weighted average price of Rs. 319.15. The company's scrip were trading 11.5% higher at Rs 321 at noon.

Ranbaxy group controlled Solrex Pharmaceuticals with 14.72% stake in the company is close to the mandatory holding of 15% for making open offer.

However Ranbaxy's managing director and chief executive officer  Malvinder Singh has refused the possibility of any hostile takeovers by the company, few days ago.