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IPO gone sour, Ortel eyes rights issue & PE funding

Anil.HD

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Ortel Communications, Orissa’s leading multi-system operator (MSO), has abandoned its Rs 1 billion public float plans due to choppy market conditions and is scouting for private equity investment while deciding to do a rights issue to take care of its interim funding needs.

The company has mandated Equirus to find an investor and is looking at raising Rs 1 billion. Equirus had earlier helped Ortel to get private equity fund New Silk Route which had bought 23 per cent stake from the promoters for Rs 600 million and additional equity from Actis to take its total holding to 35 per cent.

Ortel plans to invest Rs 500 million over two years for its digital and new territory expansions. The MSO has cable TV operations in Orissa, Chhatishgarh, parts of coastal Andhra Pradesh and West Bengal.
 
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