Ortel to raise over Rs 100 crore from IPO

Cable distribution firm Ortel Communications Ltd (OCL) today said it has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) to raise over Rs 100 crore.

The company plans to enter the capital markets with a public issue of upto 40.91 lakh equity shares of face value of Rs 10 each, Ortel said in a statement.

"The issue comprises a fresh issue to the public of equity shares aggregating upto Rs 1,000 million and an offer for sale of upto 40,91,299 equity shares by NSR-PE Mauritius LLC," it added in DRHP.

OCL is also considering private placement of upto 35 lakh equity shares or convertible instruments to raise upto Rs 75 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'.