Allots 25.57 lakh shares at Rs 181 each
Ortel Communications yesterday, 2 March 2015 raised Rs 46.28 crore through pre-initial public offer (IPO) placement of 25.57 lakh equity shares to two anchor investors. The shares were allocated at lower end of the IPO price band of Rs 181 to Rs 200 per share.
Ortel Communications allotted 6 lakh shares (23.46% of the total anchor investor portion) to Axis Mutual Fund (Midcap Fund scheme) and 3 lakh shares (11.73% of the total anchor investor portion) to Axis Mutual Fund (Small Cap Fund scheme). Ortel Communications allotted 16.57 lakh shares (64.81% of the total anchor investor portion) to ICICI Prudential Life Insurance Company.
Ortel Communications initial public offering (IPO) opened for subscription today, 3 March 2015, and will close on 5 March 2015. The price band for the IPO is fixed between Rs 181 to Rs 200 per share.
The company plans to raise Rs 217 crore to Rs 240 crore by issuing around 1.2 crore equity shares (of which 60 lakh equity shares are fresh issues and 60 lakh is offer for sales by NSR - PE Mauritius LLC) of face value of Rs 10 each at the price range of Rs 181 to Rs 200 per share. Out of the total money raised, half will go to NSR - PE Mauritius LLC for its offer for sales of equity shares, Rs 67.98 crore will be used for expansion of the network for providing videos, data and telephony services, Rs 16.74 crore will be used for capital expenditure on development of the digital cable services, Rs 10.51 crore will be used for capital expenditure on development of the broadband services and rest for general corporate purpose.
Ortel Communications reported net loss of Rs 12.06 crore in the year ended 31 March 2014 (FY 2014), lower than net loss of Rs 25.10 crore in the year ended 31 March 2013 (FY 2013). Net sales rose 7.26% to Rs 128.50 crore in FY 2014 over FY 2013.
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Ortel Communications is a regional cable television and high speed broadband services provider focused on Odisha, Chhattisgarh, Andhra Pradesh and West Bengal.
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