ITI revises FPO price band & closing date; stock surges ahead

ITI Ltd, a Government of India (GoI) undertaking, which has been in news due to its Further Public Offer (FPO), has informed to the stock exchanges that it has revised the price band of the offer and extended the issue period by three days, on Wednesday.

The company 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 revised price band by the company now stands at Rs 71 to Rs 77 per share for its FPO, in the wake of lukewarm response from the investors. The FPO also offers a fresh issue of up to 18 crore equity shares. In addition to this, it will issue an additional 18 lakh shares, reserved for the employees.

ITI is mainly engaged in offering products and services related to the telecom sector. It has efficiency in a wide range of telecom products and solutions which are able to cater to the whole spectrum of switching, transmission, access and subscriber premises equipment.

At 2.30 pm, the stock traded at Rs. 86.35 per share, up by 3.72 per cent on BSE.