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Orchid Plans GDR Issue

June 16, 2005

Orchid Chemicals and Pharmaceuticals is planning a $100-million GDR (global depository receipt) issue to fund multitherapeutic expansion and also to pare interest burden. The GDR issue will have a greenshoe option of 15 percent. The board of directors, which met on Wednesday, cleared the GDR proposal. A shareholders' meeting will be held on July 18 to get their nod.

()a href="http://www.hindu.com/2005/06/16/stories/2005061605411900.htm" target="_blank">The Hindu