ITI Limited FPO opens on January 24, 2020

Further Public Offering of Equity Shares Comprising of A Fresh Issue Of Upto 180,000,000 Equity Shares and additional issue of Upto 1,800,000 Equity Shares, constituting 1% of the Net Issue that shall be reserved for allocation and Allotment to Eligible Employees on a proportionate basis
Promoters of Company: President of India, acting through the Department of Telecommunications (“DOT”), Ministry of Communications, Government of India
Issue Opening Date – Friday, January 24, 2020 and Issue Closing Date – Tuesday, January 28, 2020

Bengaluru, January 23, 2020: ITI Limited today announced the launch of its Further Public Offering (“FPO”).

The issue will open on Friday, January 24, 2020 and close on Tuesday, January 28, 2020.

The strengths of ITI are its diverse products and services offered across sectors, well established relationships with PSUs, the Ministry of Defence and other GoI and state agencies; backed by a strong order book of Rs. 110,511.21 mn as on December 31, 2019 which includes various GoI projects such as ASCON, BharatNet, Network for Spectrum, Smart Energy Meters, Space Programs and E-Governance Projects.

The objects of the issue would be to utilize the Net Proceeds for funding its working capital requirements for FY2020 and Rs 6,072.91 mn to repay loans in full or partially, taken by the company.

Going forward ITI looks to diversify its products and services and leverage their relationship with GoI and various public sector units, modernize its infrastructure and technology as well as team up with innovative technology leaders and startups to support the Make in India and Digital India fillip of the Government.

ITI Limited has appointed BOB Capital Markets Limited, Karvy Investor Services Limited and PNB Investment Services Limited as the book running lead managers to the Issue (“BRLMs”).

Equity Shares proposed to be issued pursuant to the Issue will be available on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”), subject to receipt of necessary approvals.

The Net Issue will have not less than 75% allocation to Qualified Institutional Buyers, not more than 15% to Non-Institutional Bidders and not more than 10% to Retail Individual Bidders.

City Today News

(citytoday.media)

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