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Ortel Communications IPO opens on March 3

Our Bureau Mumbai | Updated on February 24, 2015

BJ Panda, Chairman, Ortel Communications

The company plans to deploy ₹67.97 crore for network expansion, ₹16.74 crore for expansion of digital cable services and ₹10.5 crore for expansion of broadband services from the issue proceeds

The initial public offering of cable TV and broadband services provider Ortel Communications Ltd opens for subscription to the public on March 3, 2015 in the price the band of between Rs 181 and Rs 200 per share. The issue size at the upper level of the band is Rs 240 crore.

The issue is a combination of a fresh issue of up to 60 lakh shares and an offer for sale for up to 60 lakh shares by New Silk Route – PE LLC Mauritius and constitutes 39.25 per cent of the post-issue equity share capital.

The minimum bid lot is 75 shares and multiples of 75. The last date for bidding for anchor investors is March 2.

The company plans to deploy Rs 67.97 crore for network expansion, Rs 16.74 crore for expansion of digital cable services and Rs 10.5 crore for expansion of broadband services from the issue proceeds.

The company is a regional cable television and high-speed broadband services provider focused in the Indian states of Odisha, Chhattisgarh, West Bengal and Andhra Pradesh. It has an internet service provider (ISP) license and a two-way communication network for ‘Triple Play’ services (video, data and voice capabilities) with control over the last mile.

The shares would be listed on the BSE and the NSE. The book running lead manager to the issue is Kotak Mahindra Capital Company.

Published on February 24, 2015

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