Mumbai-based IT solutions provider Orient Technologies Limited has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).
The IPO has a face value of Rs 10 and consists of a fresh issue of Rs 120 crore and an offer for sale of up to 4.6 million equity shares by the Promoter Selling Shareholders.
The offer for sale consists of the sale of equity shares of up to 1,150,000 by Ajay Baliram Sawant, up to 1,150,000 equity shares by Umesh Navnitlal Shah, up to 1,150,000 equity shares by Ujwal Arvind Mhatre, and up to 1,150,000 equity shares by Jayesh Manharlal Shah.
The proceeds from the fresh issue, to the extent of Rs 79.65 crore for funding its capital expenditure requirements; Rs 10.35 crore for the acquisition of office premises at Navi Mumbai; and General Corporate Purposes.
Orient Technologies commenced its business in the year 1997 and was co-founded by Ajay Baliram Sawant, Jayesh Manharlal Shah, Ujwal Arvind Mhatre, and Umesh Navnitlal Shah. Over the years, the company has developed deep expertise in creating products and solutions for specialized disciplines across IT Infrastructure, IT Enabled Services (IteS) and Cloud and Data Management Services. It collaborates with top technology companies like Dell, Fortinet, and Nutanix to offer advanced solutions tailored to meet the specific needs of their customers.
