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Orbit files draft prospectus with SEBI

CHENNAI: Orbit Corporation, a real estate construction and development company, has filed its draft red herring prospectus with the Securities and Exchange Board of India for its initial public offering. According to a release, the company proposes to offer 91 lakh equity shares of Rs. 10 each for cash at a premium to be decided through a 100 per cent book-building process, along with one detachable warrant per share. The warrant may be converted into equity share at a later date.

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