Feb 25, 2015, MUMBAI, Dhns: DHNS

Regional cable television and high speed broadband services provider Ortel Communications plans to raise around Rs 240 crore at the higher end of the price band via an initial public offering (IPO).

As per the latest update with the Sebi, the issue of 12 million equity shares of face value of Rs 10 each has been priced at Rs 181 to Rs 200 and will open for subscription on March 3 and close on March 5.

It comprises a fresh issue to the public of up to 6 million equity shares and an offer for sale of up to 6 million equity shares by NSR-PE Mauritius.

The company plans to use the proceeds from the IPO for expansion of its network, digital cable services, and broadband services.