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Time Technoplast Entering Capital Market
Time Technoplast Ltd, is entering the capital market with a public issue of
39.21 lakh equity shares of Rs. 10 each through a 100 per cent book building
process. The price band for the issue has been fixed between Rs. 290 and Rs. 315
per share. The public issue will open on May 18, 2007. The issue will constitute
18.74 per cent of the fully diluted post-issue paid-up capital of the company.
The proceeds of the issue would be deployed for domestic projects including
new ones at Thane (Himachal Pradesh) for the manufacture of disposable
medical devices; and an integrated injection moulding facility at Silvassa
(Union Territory) for augmenting production capacity for plastic pails and auto
components. Further, the company is planning to set up a new project for
manufacture packaging products through its wholly-owned subsidiary Elan
Incorporated, FZE in Sharjah, UAE. It is also funding for set up a production
facility Poland through its subsidiary NovoTech SPZoo. The total investment in
new projects including repayment of loan availed from IL&FS worked out to Rs.
145.58 crore.
(Ref : Chronicle Pharmabiz dated May 17, 2007)
Opto Circuits To Buy Two Indian Medical Equipment
Companies
Opto Circuits (India) Ltd. (OCI), a leading medical equipment company,
manufacturing medical diagnostics and cardiac products, has signed share
purchase agreements to acquire two Indian medical equipment manufacturing
companies, Devon Innovations Pvt Ltd (Bangalore) and Ormed Medical Technology
Ltd (Chennai).
The companies manufacture products like Catheters, Stone graspers, Stone
Baskets and Dilator Sets for different specialized applications, mainly in the
areas of Urology, Gastroenterology and Gynaecology. Devon Innovations
manufactures Catheters and allied products for various medical segments and
Ormed deals in orthopaedic prosthesis and surgical Disposables.
The acquisition of these companies will help OCI to extend their penetration
in India, as also in the international healthcare market. This acquisition will
give a good synergy to the manufacturing and marketing of OCI's Cardiac Stents
business. OCI will also enter new market segments like Urology,
Gastroenterology, Gynaecology and Orthopaedics in the domestic and International
market.
Both companies are ISO 9001certified manufacturing companies. Devon Products
has acquired a CE Mark for its products.
OCIL is a leading manufacturer of healthcare equipments in India. The product
profile includes digital thermometers, sensors, probes, pulse oximeters, patient
monitoring systems, Stents and innovative products in the pipeline. In 2001,
OCIL acquired 60per cent stake in Advanced Micronic Devices to market its
equipments in India. OEMs contribute 80 per cent of sales while its US based
subsidiary MediAid contributes 100 per cent.
(http://www.pharmabiz.com/article/detnews.asp?
articleid=38568§ionid=&z=y&z=y)
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