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Bangalore, July 3 Opto Circuits India Ltd, leading manufacturer of medical diagnostics and interventional products, plans to raise Rs 80 crore by issuing up to 12 lakh convertible share warrants on preferential basis to promoters and directors of the subsidiary companies and an equal number of equity shares on preferential basis to FIIs and an NRI.

The decision taken at the company’s EGM recently is subject to share holders’ approval. The company fixed the price of the issues at Rs 360. A company official said the offer has been made to the institutional investors Lehman Brothers, Alliance Burnsten and Dr Nishit Choski, an NRI.

Opto Circuits will require huge funds for distributing its coronary stents in the US market. The company has to invest a huge sum for obtaining the US Food and Drugs Administration approval. It already was marketing the product in Europe, the official said.

Opto Circuits also announced a dividend of Rs 5 for each share of Rs 10 and a bonus one share for every two shares held. Opto Circuits earned a net profit of Rs 23.86 crore for the quarter ended March 2007, an increase of 102.03 per cent over the corresponding period last year.

The company made net sales of Rs 64.19 crore, an increase of 81 per cent over for the corresponding period in the previous year. For the full year, the company’s profits soared 105.88 per cent to Rs 72.18 crore (Rs 35.06 crore). Its net sales rose 73.77 per cent to Rs 201.04 crore (Rs 116.04 crore). The consolidated figures for the year 2006-07 reflected a net profit of Rs 73.25 crore (Rs 38.65 crore) on a net sales of Rs 251.57 crore (Rs 139.78 crore).

More Stories on : Preferential Allotments | Foreign Institutional Investors | NRIs | Medical & Surgical Equipments

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Opto Circuits plans Rs 80-cr pref allotment

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