The company's interest and finance charges has, however, gone a tad lower to Rs 7 crore (Rs 8 crore) and depreciation was to the tune of Rs 8 crore (Rs 8 crore).

Orchid has not made any provision for taxation for the period.For the entire nine-month period ended December, 31 2000, its turnover was to the tune of Rs 271 crore (Rs 260) crore and posted a net profit of Rs 26 crore (Rs 27 crore).

The company statement added that the director board, which met here on Monday, has okayed an investment plan to groom the company into a well-integrated and diversified pharmaceutical company, competing in differentiated arenas. The plan envisages growth in multiple areasconsisting of entry into regulated markets like the US and the Europe, besides forming joint ventures and acquisitions in the field of bio-enzymes and products of bio-technology.

With this in mind, the director board, in its earlier meeting, has decided to issue foreign currency convertible bonds aggregating $30 million on a preferential basis to the International Finance Corporation in two tranches. The first tranche would be converted into equity shares at the rate of Rs 220 per share after 18 months and the second tranche would be converted into equity at an earnings-linked price subject to a minimum floor price of Rs 280 per share.

The statement said that the company, during the last quarter has successfully developed two new molecules on a commercial basis and plans are afoot to introduce additional betalactum molecules in the facility.