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Monday, Oct 31, 2005


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Orchid Chem raises $75 m thru GDRs

Our Bureau

Chennai , Oct. 30

ORCHID Chemicals & Pharmaceuticals Ltd announced that it has raised $75 million through the issue of 86,50,000 GDRs aggregating $37.5 million and $37.5 million through the issue of convertible bonds.

In addition, there is a greenshoe of $5 million each on GDRs and convertible bonds. The GDRs (each representing one underlying share) were priced at $4.34 each (equivalent to Rs 195 per share).

The zero-coupon convertible bonds have a tenor of five years and are convertible into equity shares at a premium of 25 per cent. The GDRs and the convertible bonds will be listed on the Luxembourg Stock Exchange. Citigroup acted as the sole book-runner and lead manager to this transaction.

Mr Raghavendra Rao, Managing Director of the company, said in a press release that the funds would help in its efforts to foray into the US market.

"The successful launch of Ceftriaxone in the US was our first step, and with these proceeds we expect to continue with our development and filing programme in line with our strategic objective to establish the company as a leading integrated global pharmaceutical company," the release quoting Mr Rao said.

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