Cable TV

Axis Mutual, ICICI Life are anchor investors for Ortel IPO; allotted 28.42% of QIB portion

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BENGALURU: In its Red Herring Prospectus Ortel Communications had mentioned that out of the 90 lakh shares that form the QIB (qualified institutional bidders) portion of its IPO that opens tomorrow, up to 54 lakh equity shares (60 per cent of QIB portion) would be allotted to anchor investors on the anchor investment bidding date in consultation with the book running lead manager. Further, of the remaining 36 lakh equity shares of the QIB portion, at least 1.8 lakh shares would be allocated to mutual funds.

The anchor investor bidding date was today – 2 March, 2014. The company has allotted 25.57425 lakh equity shares (28.416 per cent of QIB portion) at the rate of Rs 181 per share aggregating Rs 46.29 crore to Axis Mutual Fund and ICICI Prudential Life Insurance. It may be noted that the allotment is at the lowest price of the price band.

The breakup of the anchor allotment is as follows: Axis Mutual Fund’s (Midcap Fund scheme) was allotted six lakh shares (23.46 per cent); Axis Mutual Fund (Small Cap Fund scheme) was allotted three lakh shares (11.73 per cent) and ICICI Prudential Life Insurance Co Ltd was allotted 16.57425 lakh shares (64.81 per cent) aggregating to 25.57425 lakh shares.

Ortel Communications Limited (Ortel) IPO that is to open tomorrow, March 3, 2015, is for up to 1.2 crore (12 million) equity shares of face value of Rs 10 each including a share premium per equity share. The price band is fixed from Rs 181 to Rs 200 per equity share. The issue constitutes 39.25 per cent of Ortel’s fully diluted post-issue paid up equity share capital and includes up to 60 lakh fresh issue shares and 60 lakh shares by the selling shareholder NSR-PE Mauritius LLC.

The funds raised through the IPO would be utilized for expansion of its network for providing video, data and telephony services; capital expenditure on development of digital cable services; capital expenditure on development of its broadband services; and general corporate purposes.

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