ITI to raise up to Rs 1,400 crore via FPO; price band set at Rs 72-77

Mumbai: State-run ITI on Wednesday set the price band for its follow-on public offer (FPO) at Rs 72-77 per share. The company is looking to raise up to Rs 1,400 crore through the offer that opens Friday.

The telecom equipment maker’s issue will close on January 28.

ITI intends to use the proceeds to fund its working capital requirements for FY2020 and repay loans fully or partially.


An FPO is a process by which a company, which is already listed, issues new shares to investors or existing shareholders, usually the promoters. It is used by companies to diversify their equity base.

ITI looks to diversify its products and services and leverage their relationship with the government and various public sector units, modernise infrastructure and technology as well as team up with innovative technology leaders and startups to support Make in India and Digital India fillip of the government, it said in a release.

The company has appointed BOBCapital Markets, Karvy Investor Services and PNB Investment Services as the book running lead managers to the Issue (BRLMs).

The issue will not have less than 75 per cent allocation to qualified institutional buyers. Non-institutional bidders’ and retail quotas have been set at 15 per cent and 10 per cent, respectively.