ITI has extended the issue period for its ongoing follow-on public offer (FPO) by four working days till February 5 following lukewarm response from investors. This is the second time the company has extended its issue period.
Prior to this, the company, on January 28, extended the issue period for its FPO by three days till January 31. Also, it had reduced the price band to Rs 71-77 per share for its FPO from Rs 72-77 apiece. The FPO, which opened on January 24, was initially scheduled to close on January 28.
The company's follow-on public offer 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.
