ITI Ltd withdraws ₹1,400 crore FPO issue1 min read . Updated: 05 Feb 2020, 05:48 PM IST
- ITI Ltd had earlier extended the closing date of the offer twice
- The company had also revised the price band
Public sector electronics and telecom gear maker has withdrawn its follow-on-public offer, citing market conditions. The FPO was was supposed to close today. "The company has decided to withdraw the Issue, due to the prevailing market conditions, in consultation with the Book Running Lead Managers to the Issue, being BOB Capital Markets Limited, Karvy Investor Services Limited and PNB Investment Services Limited," ITI Ltd said in a communication to exchanged.
ITI Ltd had earlier extended the closing date of the offer twice and also revised the price band but the issue was subscribed 0.62 times as of 4:45 pm today.
ITI Ltd had planned to raise ₹1,400 crore from the issue. The shares of the public sector company closed 4.5% higher at ₹84 today.
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.