Symphony Capital sells remaining stake in Orchid Chemicals

In 1999-2000, with an investment of $40m, Symphony Capital was the single largest shareholder, reported Financial Express.

However, three years ago, Symphony’s stake in Orchid Chemicals was brought down to 15% from a peak of 35% after the India-based pharma company expanded its capital through foreign currency convertible bonds and global depository receipts issues.

Since then Symphony Capital is diluting its stake in the open market and brought its stake down to 5% a few months back.

Over the last one quarter, Symphony sold little over 2% and now by selling the remaining stake it has completely exited from Orchid Chemicals.