The closing date of follow-on-public offer of public sector unit ITI Ltd has been extended by three days. The closing date of ITI FPO, will now be January 31, 2020. ITI Ltd plans to raise ₹1,400 crore of which ₹607 crore will be utilised for repaying loans.
The public sector electronics and telecom gear maker further revised its public offer's price band to ₹71-77 per share, as compared to the earlier bracket of ₹72 to ₹77 per share.
ITI intends to sell its 18 crore shares, besides 1% (18 lakh shares) quota for the employees.
The shares of ITI Ltd today ended 6% lower at ₹83.25 apiece, after trading in the price band of ₹88.50 and ₹81.80.
The company also said its board meeting scheduled on January 29, 2020 for fixation of issue price stands postponed.
As of 5 pm today, the ₹1,400-crore further public offer (FPO) was subscribed 49%, exchange data showed.
The company has manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R&D centre in Bengaluru. ITI has a diverse suite of products including manufactured products like Gigabit Passive Optical Network (GPON), Managed Leased Line Network (MLLN) products, Stand Alone Signaling Transfer Point(SSTP), Wi-Fi Access Point, Radio Modem, SMPS, Set Top Box, Defence products like multi-capacity encryption units, Bulk encryption Units (BEU), Terminal End Secrecy Devices (TESD), Passive infrastructure products such as Optical Fiber Cable, HDPE duct, Antenna, diversified products such as smart energy meters, smart cards, solar panels, mini personal computers.