Australian financial giant Macquarie Bank has bought a small stake in Chennai-based mid-cap pharmaceutical firm Orchid Chemicals and Pharmaceuticals (Orchid) while the UK-based Barclays Capital, through its investment vehicle Barclays Capital Mauritius Ltd, has sold part of its holding in the company through two separate deals.
According to information available with FE, Macquarie Bank has made an entry into the company by lapping up around 3.55 lakh shares in Orchid Pharmaceuticals at a price of Rs 175.46 per share. The Australian company must have shelled out close to Rs 6.23 crore to acquire a 0.55% stake in Orchid.
In a separate deal, the UK-based Barclays Capital has diluted part of its holding in Orchid by selling more than 4.25 lakh shares at a price of Rs 132.92 on the NSE. Barclays must have netted Rs 5.66 crore from the deal. The sale would bring down Barclays holding in Orchid to 0.51% from 1.1% as on March 31, 2010. Barclays had bought 7.85 lakh shares of Orchid Pharma from the open market between March and June this year.
Recently, promoters of the Chennai-based drug maker had hiked their stake in the company to 26% through open-market purchases. The promoters had acquired shares mainly through two PACs ? Orchid Healthcare Pvt Ltd and R Vijayalakshmi.
As on March 25, the total promoters? holding in Orchid stood at 26%, up from 21.17% at the end of December quarter. In March, the promoters were forced to sell 7% of their stake following a margin call from two broking houses as they were no able to rake in additional funds to finance the pledge after the stock tanked thanks to a bear market.
Analysts, however, are keenly watching the move of former Ranbaxy promoters Singh brothers in Orchid. The former Ranbaxy promoters through their wholly owned arm Rexcell Pharmaceutical Ltd has been holding a tad over 13% stake in the company.