Ortel Communications board has approved to form a subsidiary with name Ortel Broadband Ltd or any other name whichever will be approved by Registrar of Companies.The company will transfer its broadband business to this entity in near future after the approval of the board and after receiving other requisite approvals, the company said in the BSE filing.The stock ended lower by 4%. The scrip opened at Rs33.15 and has touched a high and low of Rs34.2 and Rs32.9 respectively.Ortel Communications is a cable-TV and broadband service provider focused in Odisha, Chhattisgarh, Andhra Pradesh and West Bengal. Its revenue consists of Cable TV (78%), Broadband (17%), Infrastructure leasing (3%) and Others (2%) in FY17.(c) 2017India Infoline Ltd.
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