ITI has reduced the price band for its ongoing follow-on public offer (FPO) and extended the issue period by three days till January 31. The FPO, which opened on January 24, was initially scheduled to close on January 28.
The company has cut the price band to Rs 71-77 per share for its FPO from Rs 72-77 per share in the wake of lukewarm response from investors. The FPO comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares reserved for employees.
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.
