Cable distribution firm Ortel Communications Ltd has received SEBI's approval to raise funds through an initial public offer (IPO), according to reports.
Report stated that the company had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in September.
The company plans to enter capital markets with a public issue of up to 14,182,598 equity shares of face value of Rs 10 each, says report.
The 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.
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