Opto Circuits soars on getting board’s approval for fund raising plans

Opto Circuits (India) is currently trading at Rs. 32.85, up by 1.20 points or 3.79% from its previous closing of Rs. 31.65 on the BSE. The scrip opened at Rs. 32.60 and has touched a high and low of Rs. 33.65 and Rs. 32.50 respectively. So far 522311 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 60.30 on 07-May-2013 and a 52 week low of Rs. 17.80 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 35.40 and Rs. 31.20 respectively. The current market cap of the company is Rs. 796.02 crore. The promoters holding in the company stood at 28.22 % while Institutions and Non-Institutions held 30.82 % and 40.96 % respectively. Opto Circuits (India) has received an approval to raise funds for the company and/or for its Indian/Overseas Subsidiaries up to an aggregate amount not exceeding $250 million. The board of director at its meeting held on May 06, 2014 has approved for the same. The company will raise funds by way of issue of securities, including Global Depositary Receipts (GDRs) and or American Depository Receipts (ADRs) convertible into equity shares, or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants etc., convertible into equity shares, in one or more tranches, in Indian or Foreign Market(s) as applicable, whether optionally or otherwise or any combination thereof. Opto Circuits India is a multinational medical device company headquartered out of Bengaluru, India. The company designs, develop, manufacture, market and distribute a range of medical products that are used by healthcare establishments in more than 150 countries.