Forever News Reporter
Mumbai: In a recently concluded press conference Co-founder Mr. B.J. Panda and CEO Mr. Bibhu Rath announced the opening of Ortel Communications IPO.
Ortel Communications, a regional cable television and broadband service provider, plans to enter capital markets with Cable and internet provider Ortel Communications will launch an initial public offering (IPO) to raise up to Rs 240 crore.
The initial public offer (IPO) will open on March 3 and closes on 5th March. As per the latest update available with capital markets regulator Sebi. The price range to be in the tune of Rs 181 and Rs 200 per share. The issue will comprise of 12 million equity shares among this 75% of the issue will be reserved for QIBs, 15% forhigh networth investors (HNIs) and 10% for retail.
Ortel Communications is the first IPO of the year. 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.