Foreign funds to invest in Opto Circuits
MUMBAI: Foreign funds Lehman Brothers and Alliance Bernstein will invest Rs 41.92 crore for allotment of around 12 lakh shares in Opto Circuits on preferential basis.
An Extra Ordinary General Meeting (EGM) of the shareholders of the company would be held on June 29, to consider the issue of equity on preferential basis to investors, Opto Circuits said in a communique to the Bombay Stock Exchange.
Opto Circuits said it would allot upto 12 lakh shares on a preferential basis to certain investors including -- Lehman Brothers Asia Limited Sub Account- Lehman Brothers India Holdings Cayman II Ltd, Alliance Bernstein Hong Kong Ltd, subject to shareholders approval.
The company would offer equity shares of Rs 10 each at a premium of Rs 350 per share, for cash on a preferential basis.
Lehman Brothers would be alloted 6 lakh shares amounting to Rs 21.60 crore, Alliance Bernstein Hong Kong Ltd, would be issued 5.64 lakh shares worth Rs 20.32 crore.
The company would also issue up to 12 lakh share warrants on a preferential basis to promoters and other investors, that could be convertible into one equity share of Rs 10 each with a premium of Rs 350 per share.
The shares of Opto Circuits were trading at Rs 343, up 0.34 per cent on BSE in late afternoon trade.
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