Commtel Networks Files Draft Papers With SEBI To Raise Rs 900 Crore Via Fresh Issue, OFS

Commtel Networks has filed its draft red herring prospectus with the capital markets regulator Securities and Exchange Board of India to raise Rs 900 crore via an initial public offering. According to the DRHP, the proposed IPO is a combination of a fresh issue of equity shares aggregating up to ₹ 1,500.00 million (Rs 150 crore) and an offer for sale (OFS) of aggregating up to ₹ 7,500.00 million (Rs 750 crore). The total offer size will therefore aggregate up to ₹ 9,000.00 million (Rs 900 crore).

The promoter selling shareholders are Shriprakash R. Pandey (Founder, Promoter, and Managing Director of Commtel) who proposes to sell up to equity shares of face value of ₹ 2 each aggregating up to ₹ 3,440.00 million (₹ 344 crore). Satish Pookulangara (Non-Executive Director) and Ramakrishnan Saseendran Kodapully are the Other Selling Shareholders, each proposing to sell up to equity shares of face value of ₹ 2 each aggregating up to ₹ 2,030.00 million (₹ 203 crore).