Orchid Pharma freezes at 10% down circuit as promoter begins stake sale

Dhanuka Laboratories, one of the promoter of Orchid Pharma proposed to sell in aggregate up to 3.28 million equity shares, representing 8.04 per cent of the total equity share capital of the Company.

Shares of Orchid Pharma were locked in 10 per cent lower circuit at Rs 1,187.85 on the BSE on Thursday as the company's two-day stake sale through an offer for sale (OFS) began today. The floor price for the offer has been fixed at Rs 375 a share.

Dhanuka Laboratories, one of the promoters of Orchid Pharma, proposed to sell in aggregate up to 3.28 million equity shares, representing 8.04 per cent of the total equity share capital of the Company. The issue opened today for non-retail investors, and will open for retail investors on Friday.

The sale