Opto Circuits to raise FII limit

Opto Circuits (India) Ltd (OCIL), the Bangalore-based manufacturer of non-invasive healthcare products, is increasing its authorised capital from existing Rs 35 crore to Rs 50 crore by altering Memorandum of Association.

It is also plans to increase the foreign institutional investors (FII) limit to 40 per cent of the issued equity capital of the company.

Opto Circuits India also plans to raise funds up to $70 million and increase the borrowing capacity of the company to Rs 500 crore.

A decision to this effect was taken at the company's Extra-ordinary General Meeting held on November 15.

It may be noted that the company is looking at growing the business inorganically by acquiring two to three companies in the non-invasive healthcare product segment in the US.

Its chairman and managing director, Vinod Ramnani had announced at a recent press conference that the company was in an advanced stage of acquiring two companies having a manufacturing base in the US during the present fiscal.

He had said: "We have shortlisted two companies in Boston and southern California and also identified the third one manufacturing cardio vascular product in the US," he said.

It was looking at acquiring a Nasdaq listed company in the US.