Opto Circuits surges on warrants issue at premium to promoter

The board approved the issue of two million convertible warrants to promoter at Rs 145 per share.

Opto Circuits (India) has surged 5% to Rs 111 after the board approved issue of warrants to promoter at Rs 145 per share.

“The board of directors of the company at its meeting held on December 20, 2012, has approved to issue two million convertible warrants to Mr Vinod Ramnani at Rs 145 per convertible warrant or as per the pricing formula as stipulated in Sebi’s regulations, which ever is higher,” Opto Circuits said in a filing.

The stock opened at Rs 107 and has seen over two-fold jump in trading volumes. As many as combined 3.54 million shares have already changed hands on the counter till noon deals against an average 1.7 million shares that were traded daily in past two weeks.