The share price of Opto Circuits (India) Ltd rose as much as 5.62 per cent after the company successfully acquired 76 per cent of outstanding common stock of Cardiac Science Corporation, USA. The company made the announcement during trading hours today.
The company plans to exercise its top-up option under the terms of the merger agreement.
The stock is currently trading at Rs. 291.45 up Rs. 3.40 or 1.18 per cent. The stock touched an intra-day high of Rs. 304 and an intra-day low of Rs. 284.50 after opening at Rs. 289.90. Total Traded Quantity at the counter stood at 2.11 lakh shares.
The merger is expected to occur in the next few days. Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits, a maker of specialised medical equipment such as pulse oximeters, fluid warmers and cholesterol.
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