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Ranbaxy in hostile takover of Orchid Chemicals ?

April 8, 2008

Are promoters of Ranbaxy Labs launching a hostile takeover bid for orchid Chemicals and Pharmaceuticals ? Solrex, a Ranbaxy group company has increased its stake to 11.4% from 8.06% in Oafter market purchases in the first week of April.

Orchid scrip has shot up by 10% and is currently traded at Rs 225 on heavy volumes. As of now Ranbaxy promoters are silent on the issue, but takeover is inevitable.

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