Serum Institute hikes Orchid Chemicals stake

MUMBAI: Biotech company Serum Institute of India has consolidated its stake in drugmaker Orchid Chemicals & Pharmaceuticals by acquiring 5 lakh fresh shares for Rs 6.6 crore through open market transactions.

Serum Institute bought 5 lakh shares at Rs 132.14 a piece in Orchid Chemicals via bulk deal yesterday, according to the data available with the National Stock Exchange.

As on September 30, Serum Institute held 2,529,197 shares or 3.59 per cent stake in Orchid Chemicals, as per the stock exchange data.

Founded in 1966, Serum Institute manufactures life-saving immuno-biologicals and is one of the world's largest producers of Measles and DTP group of vaccines.

Shares of Orchid Chemicals were trading at Rs 134.40 a piece on the BSE, up 2.48 per cent, this afternoon.