Financial Daily from THE HINDU group of publications
Wednesday, Nov 23, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 23, 2005 |
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Markets
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IPOs Opto Circuits plans public issue Our Bureau,
Bangalore , Nov 22 OPTO Circuits India Ltd plans a public issue to meet its obligation to raise its authorised capital to Rs 50 crore from Rs 35 crore. The company also proposes to raise up to $70 million to fund its acquisition proposal. Opto had short listed two companies for acquisition, one in the US and the other in Germany. It had tentatively arrived at a price of $56 million for the US acquisition, while for the European buy, a company manufacturing cardiac stents, Opto was in the midst of due diligence to take a final decision. The company will finalise the details of the IPO at its board meeting scheduled for November 24, said a spokesman of the company. He said the proposed public issue was duly approved at the extraordinary general meeting held here on November 15. The EGM also approved proposals to increase the authorised capital by Rs 15 crore to Rs 50 crore and to raise funds for overseas acquisition. The EGM also decided on increasing borrowing limits of the company to Rs 500 crore and raise the FII limit to 40 per cent.
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