Opto Circuits, manufacturers and marketers of invasive and non-invasive medical devices, has seen a shuffle of stakes between two of its four founding promoters. Thomas Dietiker offloaded part of his stake of 0.22% to Jayesh Patel at ₹197.50 a share. Following the stake sale, Patel’s holding has gone up to 4.88% and that of Dietiker has fallen to 5.40%. The other two promoters, Vinod Ramnani and Usha Ramnani, hold 14.04% and 3.81%, respectively. Collectively, the promoters hold 28.12% stake as on date. Quelling concerns, Dietiker says, “The stake sale is part of the normal process of raising liquidity to cover certain personal and family expenses and not indicative of an eventual exit.” Interestingly, analysts are bullish on the company because of its attractive valuations and prospects of a ₹1,000-crore IPO of subsidiary Opto Eurocor Healthcare, which makes medical stents. The management aims to utilise the proceeds for funding research and development initiatives (trials, product development costs) and to ramp up in-house manufacturing capabilities. For the coming fiscal, analysts expect the company to grow its topline by 20%.