Ortel files draft with Sebi for IPO
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Ortel Communications, a regional cable television and broadband service provider, has filed draft documents with market regulator Sebi for a public issue of up to 1.42 crore equity shares.
This is the sixth company to file initial papers with Securities and Exchange Board of India (Sebi) this year to garner funds through initial public offer (IPO) route. Ortel plans to enter the capital markets with a public issue of up to 14,182,598 equity shares of face value of Rs 10 each, as per the draft red herring prospectus (DRHP). The offering comprises a fresh issue to the public of 60 lakh shares and an offer for sale of up to 81.82 lakh shares by NSR – PE Mauritius LLC.
This is Ortel’s second attempt to raise money from initial public offer (IPO). The company’s earlier plan in 2013 to raise Rs 100 crore through the stock market did not take off.
The proceeds of the issue would be utilised for expansion of the company's network for providing video, data and telephony services and general corporate purpose.
Ortel is also considering private placement of up to 25 lakh equity shares to garner up to Rs 65 crore. Kotak Mahindra Capital Company Ltd is the book running lead managers to the issue. Ortel is a regional cable television service provider engaged in the distribution of analog and digital cable television services and high speed broadband services. Its business is focused on Odisha, Chhattisgarh, Andhra Pradesh and West Bengal. It offers services under ‘Ortel Home Cable’, ‘Ortel Digital’ and ‘Ortel Broadband’.
Prior to Ortel, five companies — Lavasa Corp, Adlabs Entertainment, GMR Energy, Sharda Cropchem and Monte Carlo Fashions — filed draft IPO papers with Sebi so far in 2014.
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