Gazal Industrial Holdings Ltd, an arm of the US-based Schroder, has in a block deal, substantially brought down stake in Chennai-based Orchid Chemicals and Pharmaceuticals Ltd. Gazal was one of the major shareholders in Orchid for a long time.
In a block deal, the company has sold nearly half of its stake (around 8.51%) in the open market at a rate of Rs 250 a share, market sources said. The foreign institutional investor, which had invested around $40 million in 2000, is said to have made a killing through the deal, sources added.
Meanwhile, on December 27, Macquarie Bank picked 6.84% stake in the company in the block deal. While Gazal Industrial Holdings sold 56,00,000 lakh shares between December 13 and 27, Macquarie Bank has picked up close to 45,00,000 shares on December 27. The Schroder arm has been with Orchid Chemicals for over seven years and was at one point of time holding 33% stake. Over the years, Gazal has brought down its stake to 16.99% as of March 2007.
