Orient Cables to raise ₹552 crore through IPO
Network cables and optical fibre manufacturer Orient Cables India Ltd. is set to raise ₹552 crore through an initial public offering (IPO).
The offer consists of a fresh issue of ₹320 crore and current owners diluting ₹232 crore of their stake. The company has fixed a price band of ₹258 to ₹272 a piece and the shares can be bought in lots of 55 shares and the multiples thereof.
The company plans to use the proceeds from the IPO to fund repayment of loans and to invest in purchase of machinery, equipment and civil works at manufacturing facilities among other general corporate purposes.
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