Orient Cables (India) Ltd on Tuesday announced a price band of Rs 258-272 per share for its Rs 552-crore IPO, as the networking cables and passive networking equipment maker gears up to tap the primary market. The issue will open for public subscription on September 25 and close on September 29, according to a public announcement. The IPO comprises a fresh issue of equity shares worth up to Rs 320 crore and an Offer for Sale (OFS) of shares aggregating up to Rs 232 crore. Proceeds of the fresh issue will be used for capital expenditure towards purchase of machinery, equipment and civil works at its manufacturing facilities; repayment or partial prepayment of certain borrowings. A portion will also be used for general corporate purposes. Earlier, the company had filed preliminary papers with Sebi to raise Rs 700 crore through IPO, comprising a fresh issue of Rs 320 crore and an OFS of Rs 380 crore. The revised IPO size is therefore lower by Rs 148 crore, with the entire reduction ..
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