Ortel has fund requirement of Rs 850 mn from IPO


25 Mar 2011
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MUMBAI: Ortel Communications has a fund requirement of Rs 850 million even as it plans to raise Rs 1 billion through an initial public offering (IPO).

The regional multi-system operator has a capex plan of Rs 344.30 million on development of its analogue and digital services.

Ortel also plans to utilise Rs 289.04 million towards expansion of network for providing video, data and telephony services out of the net proceeds of the IPO.

The MSO has earmarked Rs 217.40 million as capita expenditure on development of its broadband services.

Private equity fund New Silk Route (NSR) has expressed intent to fully exit from its three-year investment in Ortel Communications. NSR holds 35 per cent in Ortel.

The Orissa-based MSO looking to raise Rs 1 billion through fresh issue of shares besides the offer for sale by the private equity investor.
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