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ITI FPO subscription remains unchanged at 49% on 4th day

January 30
03:33 2020

State-owned telecommunications technology company ITI’s follow-on public offer was subscribed 49 percent on January 29, the fourth day of bidding.

The Rs 1,400-crore further public offer (FPO) has received bids for 8.86 crore equity shares against offer size of 18.18 crore shares, as per data available on the NSE.

The reserved category for retail investors has seen a 94 percent subscription, while that of qualified institutional buyers is 49 percent and non-institutional investors at 16 percent.

Due to a muted response, the company on January 28 revised the offer price band to Rs 71-77 per share in consultation with the merchant bankers.

It also extended the closing date for FPO by three days to January 31, 2020.

The company intends to use issue proceeds to fund its working capital requirements as well as repay existing debt.

After the issue, government shareholding in the company will reduce to 74.96 percent from 90 percent.

ITI has 5 manufacturing units located at Mankapur, Bengaluru, Palakkad, Naini and Raebareli and an R&D center in Bengaluru.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

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