Medical equipment maker Opto Circuits (India) today said its wholly-owned subsidiary Opto Eurocor Healthcare would raise about Rs 1,000 crore through initial public offering (IPO).
Opto Eurocor Healthcare proposes to raise up to Rs 1,000 crore through the IPO, Opto Circuits (India) said in a filing to the Bombay Stock Exchange (BSE).
"Through the IPO, promoters will dilute about 25% stake," Opto Circuits Director Finance V Bhaskar said.
However, he declined to give a timeline for the public offer saying "it would depend on market conditions".
Bhaskar said the proceeds of the IPO would be mainly utilised by the company to set up manufacturing facilities, two in India and one in Malaysia.
A portion of the fund would also be used for adding capacities at existing plants and new product developments but did not provide a detailed break-up.
Opto Eurocor Healthcare makes medical stents used in various cardiovascular surgeries.
Shares of Opto Circuits (India) today closed at Rs 247.85 on the BSE, down 1.39% from previous close.
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