Aksh Optifibre seeks shareholders' nod to diversify business

Optical fibre firm Aksh Optifibre today sought shareholders nod to diversify its business in the field of eyewear, lighting, solar products and financial technologies.
The company in a postal ballot notice sent to shareholders has sought their approval to change some clauses in its Memorandum of Association (MOA) that will enable it to operate new businesses related to eyeware, lighting and financial technologies that include ATM business as well.
Aksh has sought change in MOA "to design, manufacture, sell, market, retail and deal as distributor, wholesaler, retailer and render after sales services of sunglasses/ prescription glasses and frames, lens, hearing aids and related accessories".

It has sought approval to engage in business activities incidental thereto such as eye checking, optometry, contact lenses and other accessories and to import, export, deal in merchandise related to the eyewear business.
The board of the company has already approved Rs 85 crore for the diversification of its product portfolio to manufacture 2 lakh pair of ophthalmic lenses per day in phased manner to mitigate business risk and improve company's business performance.
Aksh has sought shareholders nod for full-fledge entry in to business of "all types and description of lighting products and its fixtures" including incandescent lamps, CFL, tube lights, LED lights, solar products, including solar lanterns, solar lights and its fixtures.

The company is also looking to venture in to providing financial technologies like biometric, smart card, magnetic card, EMV Card, one time password, bank pins and development of India's payment system industry, providing software application, data management, cash management etc.
Aksh has also sought nod to carry on the business of providing intermediary ATM Deployer (IAD) services, White labeled ATM operator (WLAO) services, including but not limited to setting up or owning or operation of ATM network.
Shares of Aksh Optifibre closed at Rs 15.23 a unit, up by 3.11 per cent, on Friday on the BSE.