Ortel Communications IPO to open on 3 March

New Delhi: Regional cable television service provider Ortel Communications Ltd will come out with an initial public offer (IPO) on 3 March.

The issue will close on 5 March, 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 12 million equity shares of face value of ₹ 10 each.

The offer comprises issue of 6 million fresh shares and an offer for sale of up to 6 million shares by NSR Direct PE Mauritius LLC.

Ortel President and CEO Bibhu Prasad Rath in November had said that the company is expected to mop-up around ₹ 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 ₹ 100 crore through the stock market did not take off.