Orchid sees value pick by Ranbaxy

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Orchid sees value pick by Ranbaxy

Orchid sees value pick by Ranbaxy

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  • 1. Orchid sees value pick by Ranbaxy BS Reporter / Chennai/Tokyo April 11, 2008 Deputy MD says Solrex is linked to Ranbaxy, but stake buy isn� t a takeover attempt. Orchid Chemicals & Pharmaceuticals said today that major stakeholder Solrex Pharmaceuticals is linked to Ranbaxy Laboratories, but it did not expect a takeover attempt. Privately held Solrex has acquired an 11.4 per cent stake in Chennai-based Orchid, a bulk drugs and formulations maker, in just two weeks. Orchid shares have doubled in recent weeks amid Solrex's buying and speculation it was linked to Ranbaxy and was preparing a takeover, but they fell 3 per cent to Rs 225.85 on Thursday. Orchid Deputy Managing Director C B Rao told reporters in Tokyo that Solrex is understood to be an investment unit of Ranbaxy, India's biggest drug maker by sales. But I would conclude it is a ...value pick (rather) than a takeover attempt, he said. Shares in Orchid had dropped sharply after Bear Stearns was forced to quick