ITI Ltd again extends closing date of its FPO1 min read . Updated: 31 Jan 2020, 03:24 PM IST
- ITI also informed that board meeting scheduled on 1st February 2020 for fixation of issue price stands postponed
ITI Ltd has again extended the closing date of its follow-on-public offer by four days. The bid/issue closing date is now February 5, 2020. It was supposed to close today. The price band will remain the same: ₹71 to ₹77 per equity share. According to NSE data, the issue was 0.58 times subscribed as on 3:15 pm today.
ITI Ltd plans to raise ₹1,400 crore of which ₹607 crore will be utilised for repaying loans.
The public sector unit also informed that board meeting scheduled on 1st February 2020 for fixation of issue price stands postponed.
On 28th January, the public sector electronics and telecom gear maker had extended its FPO by three days and had 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.
ITI Ltd shares were trading 1% lower at ₹85.65 in late trade.
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.