ITI Limited receives go ahead from SEBI to float FPO

February 4, 2019

Indian Telephone Industries [ITI] Limited has received approval from SEBI to float a follow-on public offer (FPO). This move will help ITI Limited in meeting the minimum 25 per cent public shareholding norm. ITI had filed a draft paper for the FPO during September-October 2018. The FPO includes a fresh issue of about 180 million equity shares, and an additional issue of up to 5 per cent of the net issue that will be reserved for ITI employees. The proceeds will be used to fund working capital requirements, repay loans and for general corporate purposes. ITI’s FPO will be managed by the Bank of Baroda Capital Markets, Karvy Investor Services and Punjab National Bank Investment Services.