Opto Circuits' public offer opens on March 31

Opto Circuits India (OCIL) has fixed a price band of Rs 240-270 for its follow-on public offer (FPO) of 40 lakh equity shares. The book-built issue will open on March 31.

The proceeds of the offer"� Rs 30.81 crore"� will be utilised to upgrade the company's R&D facility and manufacturing infrastructure.

A portion of the proceed will be invested in the company's US subsidiary, MediAid Inc. The issue will constitute 12.99 per cent of the fully diluted post-issue paid-up capital.

Vinod Ramnani, CMD, OCIL, said, "The company has been growing faster both "� organically and inorganically. The investors stand to benefit as we continue our endeavour to serve the existing shareholders and the new shareholders," he added.

OCIL's product profile includes digital thermometers, sensors, probes, pulse oximeters, patient monitoring systems and innovative products in the pipeline. In 2001, OCIL acquired 60 per cent stake in Advanced Micronic Devices to market its equipments in the country.

The company had acquired EuroCor, which manufactures cardiac stents of various types, including drug eluting coronary stents used in critical cardiac care.

Out of the total 40 lakh shares to be issued in FPO, 4 lakh will be reserved for employees of the company and another 4 lakh shares will be allotted to the existing retail shareholders of OCIL.