Orient Cables filed its preliminary papers in July to raise Rs 700 crore via an initial public offering. The public offer will include mix of fresh issues of shares worth Rs 320 crore and an offer-for-sale of up to Rs 380 crore.

Through the OFS, Orient Cables’ promoters Vipul Nagpal, Garima Nagpal, Vipul Family Trust and Garima Family Trust will be offloading stake.

New Delhi-based Orient Cables is a manufacturing company with a primary focus on networking cables and passive networking equipment, catering to high-growth industries, including broadband, telecom, data centres, renewable energy and smart building automation.

Proceeds from the fresh issue worth Rs 91.50 crore will be used to fund capital expenditure for the purchase of machinery, equipment, and civil works at the company’s manufacturing facilities. In addition, Rs 155.5 crore will be used for repayment or partial prepayment of certain outstanding borrowings and a portion will also be allocated for general corporate purposes.