Orient Cables Set for IPO Surge with Rs 700 Crore Public Offering
Orient Cables (India) Ltd is seeking to raise Rs 700 crore through an IPO. The offering includes both fresh issues and an Offer for Sale (OFS) by promoters. Funds will be used for capital expenditures, debt repayment, and corporate purposes. IIFL Capital Services and JM Financial are managing the offering.
- Country:
- India
In a significant move, Orient Cables (India) Ltd has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) to initiate a Rs 700 crore initial public offering (IPO).
The IPO will blend a fresh issue of Rs 320 crore with an Offer for Sale (OFS) worth Rs 380 crore, detailed in the draft red herring prospectus (DRHP), aiming to boost the company's financial and operational capabilities.
The proceeds are earmarked for machinery acquisition, debt repayment, and general corporate expenditures, while IIFL Capital Services and JM Financial have been enlisted to oversee the IPO process.
(With inputs from agencies.)
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