Stock’s 7,700% Gain Set to Be Swept Away by Wider Free Float
A shortage of shares has helped drive a surge of almost 7,700% in
Orchid Pharma Ltd. over the past seven months. And now it looks poised to end.
New owners have to divest part of their stake of about
98% in the firm, which re-listed in Mumbai in early November after emerging from bankruptcy. Thats to comply with an Indian regulation that requires the new owners — in this case
Dhanuka Laboratories Ltd. — to boost the minimum public float to 10% over the next few months.
Orchid is among a handful…
