ITI has planned to raise Rs 1,600 crore through a follow-on public offer which will be utilised for partial debt repayment as well as to meet working capital requirements. The issue will open on January 24 and close on January 28. The price band for the offer will be announced on January 22.
The follow-on offer (FPO) comprises a fresh issue of up to 18 crore equity shares and additional issue of up to 18 lakh shares, constituting 1 percent of the net issue, which would be reserved for employees on a proportionate base. An FPO is issuance of additional shares to investors or existing shareholders to raise equity.
ITI offers products and services in the telecom sector. The company has a range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.
