Morgan Stanley picks up stake in Orchid for Rs 9 cr

MUMBAI: Foreign fund Morgan Stanley on Tuesday picked up 0.50 per cent stake in Orchid Chemicals for Rs 8.90 crore in open market transactions.

Morgan Stanley and Co International has acquired 3.30 lakh shares of Orchid Chemicals at a price of Rs 269.83 each in a bulk deal at the BSE, information available on the exchange showed.

The latest acquisition of Orchid Chemicals shares come on the heels of speculations of its takeover from a Ranbaxy promoter group firm.

Earlier, Solrex Pharmaceuticals, a privately-held firm, picked 14.7 per cent through a slew of block deals in Orchid Chemicals taking it very close to triggering an open offer and making Orchid, in which promoters have less 16 per cent stake, vulnerable to a hostile takeover bid.

For the quarter ended March 31, 2008, the promoters held 15.87 per cent stake in the firm.

Orchid Chem scrip today closed at Rs 288.10, a jump of 16.5 per cent on its previous close. Interestingly, over four crore shares of the firm exchanged hands at the bourses today.

The scrip also witnessed a day trading of 5.52 lakh shares by Latin Manharlal Sec Pvt Ltd on BSE.