Ortel, a regional cable television and broadband service provider, plans to enter capital markets with a public issue of up to 1.2 crore equity shares of face value of Rs 10 each.
Regional cable television service provider Ortel Communications Ltd will come out with the initial public offer (IPO) on March 3.
The issue will close on March 5, as per the latest update available with capital markets regulator Sebi. 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, a regional cable television and broadband service provider, plans to enter capital markets with a public issue of up to 1.2 crore equity shares of face value of Rs 10 each.
The offer comprises issue of 60 lakh fresh shares and an offer for sale of up to 60 lakh shares by NSR ' PE Mauritius LLC. Ortel President and CEO Bibhu Prasad Rath in November had said that the company is expected to mop-up around Rs 300 crore through the IPO.
Ortel is one of the first private sector companies in India to be granted an ISP license by the government. Through primary point cable business model, it offers digital and analog cable TV, broadband and VAS services in Odisha, Chhattisgarh, West Bengal and Andhra Pradesh. This is the company's second attempt to hit the capital market.
Ortel's earlier plan in 2013 to garner Rs 100 crore through the stock market did not take off.
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