Ortel Communications Limited (BSE:539015) announced a private placement of equity shares for the gross proceeds of INR 87.5 million and 10,000,000 9% cumulative non-convertible redeemable preference shares for a period of five years at a price of INR 10 per share for the gross proceeds of INR 100 million, for total gross proceeds of INR 187.5 million on March 9, 2018. The preference shares issued The transaction will include participation from promoters or promoters group entities. The transaction was approved by board of directors at its Extra Ordinary General Meeting.