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.
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