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Orient Technologies files draft papers with Sebi to raise capital via IPO
Information technology (IT) solutions provider Orient Technologies Ltd has filed preliminary papers with Sebi to raise funds through an Initial Public Offering (IPO).
The initial share-sale is a combination of a fresh issue of Rs 120 crore and an Offer For Sale of up to 46 lakh equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.
Those offloading shares in the OFS are -- Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.
Proceeds from the fresh issue to the tune of Rs 79.65 crore will be used for funding capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at Navi Mumbai, and a portion will also be used for general corporate purposes.
Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.
As of December 31