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Friday, March 31, 2006

Opto Circuits fixes offer price at Rs 240-270

The price band for the follow-on public offer, FPO, of healthcare equipment company Opto Circuits (India) has been fixed between Rs 240 and Rs 270, reports The Hindu Business Line.

The company expects to raise Rs 108 crore (Rs 1.08 billion) to upgrade its research facility and fund working capital requirements.

The issue, to be raised entirely through the book-building route, comprises 40 lakh shares at a face value of Rs 10 each. After the public issue, the promoter's holding will come down from 36% to about 31%, Mr Vinod Ramnani, Chairman and Managing Director told.

After having acquired German stent-maker EuroCor GmbH in December last year for Rs 60 crore (Rs 600 million), Mr Ramnani said the company was looking at organic and inorganic growth. Overseas acquisitions are part of the plan, he said.

Meanwhile, EuroCor Life Sciences, a wholly owned subsidiary of Opto, has also received the regulatory CE approval for marketing and sale of its drug-eluting stent Taxcor.

According to Mr Ramnani, the approval allows EuroCor to sell Taxcor globally, with the exception of the US and Japan.

A large part of Opto Circuits' revenues of over Rs 122 crore (Rs 1.22 billion) is from the overseas market. But the company is looking to increase its focus in the domestic market as well, he said.

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