ITI is intending to raise about Rs 1,400 crore through the Further Public Offering (FPO) of which Rs 607 crore shall be utilised for repaying loans. The issue will open on January 24 and close on January 28.
The company does have around Rs 936 crore of working capital loan from the bank consortium, in which SBI is the lead bank, and then around Rs 300 crore loan is there from the Government of India and Department of telecommunication. So, overall, the company has Rs 1,236 crore of loan of which Rs 607 crore shall be utilised to repay the loan from the banks.
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.
