Public sector firm ITI Limited is planning to come out with a fresh issue of shares through a follow-on public offer (FPO) between July and August 2018. The Cabinet Committee on Economic Affairs has approved a proposal allowing the company to offer a fresh issue of 180 million shares to the public through an FPO in the domestic market. The FPO proceeds will be used for the Bharat Net project, setting up of data centres and for several internet of things (IoT) programmes. The FPO will also help ITI reduce its debt obligations and meet the requirement of a minimum public shareholding of 25 per cent.
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