Ranbaxy all set to make open offer for Orchid
Ranbaxy is understood to be finalizing a plan to announce an open offer for Chennai-based Orchid Chemicals. Solrex, believed to be backed by Ranbaxy's promoters, has already bought 11.3% stake in Orchid, and according to market sources, later upped it to 14.7%. This is marginally less than the 15% limit required to make an open offer for an additional 20% stake in the company. When contacted Ranbaxy chief executive officer and managing director, Malvinder M Singh said