Financial Daily from THE HINDU group of publications
Friday, Nov 25, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 25, 2005 |
|
|
|
|
|
|
|
Corporate
-
Announcements Markets - Public Offer Opto Circuits to raise Rs 100 cr via public offer Our Bureau
Bangalore , Nov. 24 OPTO Circuits (India) Ltd, a manufacturer of global non-invasive healthcare equipment, on Thursday announced it will tap the market to raise up to Rs 100 crore. The decision comes after the company's directors approved the proposal at its board meeting held here on Thursday. The fresh equity offering to public would be done through the book-building route. The proceeds from the public issue would be used for expansion and overseas acquisition. A part of the amount would be spent setting up an R&D facility in Bangalore. "The need for the expansion of manufacturing facility has been necessitated because of the huge order inflows that we have started getting from OEMs directly. Earlier, we had been planning to go in for a GDR issue. But we feel that an offering in the Indian markets would be a better proposition for us at this stage. We will be filing the draft red herring prospectus for the public offering soon with SEBI, and we hope to be hitting the markets in December 2005/January 2006," said Mr Vinod Ramnani, Chairman & Managing Director. The company plans to utilise the proceeds to fund its ambitious overseas acquisition plans. "We are in the process of finalising an acquisition in the next few days, and another in the first quarter of FY07. We are in advanced stage of negotiation with one US-based company and have in fact given them an offer too," said Mr Ramnani. The company has already signed a letter of intent to acquire a European company that manufactures Cardiac Stents of various types, including Drug Eluting Coronary Stents used in critical cardiac care.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page More Stories on : Announcements | Public Offer
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|