Ortel Communications is also considering private placement of up to 35 lakh equity shares or convertible instruments to raise up to Rs75 crore
New Delhi: Cable distribution company Ortel Communications Ltd (OCL) has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise over Rs100 crore, reports PTI.
The company plans to enter the capital markets with a public issue of up to 40.91 lakh equity shares of face value of Rs10 each, Ortel said in a statement.
"The issue comprises a fresh issue to the public of equity shares aggregating up to Rs1,000 million and an offer for sale of up to 40.91 lakh equity shares by NSR-PE Mauritius LLC," it added in DRHP.
OCL is also considering private placement of up to 35 lakh equity shares or convertible instruments to raise up to Rs75 crore, it added.
IDFC Capital and Equirus Capital are the book running lead managers to the issue.
OCL is a regional cable television service provider engaged in the distribution of analog and digital cable television services, high speed broadband services and VoIP services.
Its business is focused in the states of Orissa, Chhattisgarh, Andhra Pradesh and West Bengal. It offers services under 'Ortel Home Cable', 'Ortel Digital' and 'Ortel Broadband'.
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