Poonawalla ups stake in Orchid Chemicals

CHENNAI: Pune-based high net worth individual and race horse enthusiast Cyrus Poonawalla has increased his stake in Chennai-based Orchid Chemicals by picking up a further 1.29% stake over the 9.99% he currently holds.

On December 19 and 20, he bought a total of 913,000 shares through his Serum Institute. As on September 2011, he held a 9.99% stake, mainly through investment vehicles such as Adurjee & Bros, Fortune Intercontinental, Chakan Investment.

His stake as on June 30 was 8.38%, which means he has been gradually increasing his stake since then.

It was in 2008 that Poonawalla came in as a white knight for Orchid, then under a hostile takeover threat from a Ranbaxy arm, Solrex Pharma. He had, however, clarified at that time that his stake was just a strategic one. Solrex eventually exited Orchid.

R Vijayalakshmi, wife of Orchid's MD K Raghavendra Rao, has also been increasing her stake in Orchid. She has increased her stake to 9.68% from 7.06% as of September, as per recent disclosures to the stock exchanges. The promoters and promoters group owned 29.83% as of September. Promoters have pledged over 80% of their holdings.