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Cabinet approves sale of 180 million shares by ITI to public

March 23, 2018

The cabinet has cleared the sale of 180 million equity shares of ITI Limited through a follow on public offer (FPO), which will help the company meet the minimum 25 per cent public shareholding norm.

The Securities and Exchange Board of India (SEBI) had mandated a minimum 25 per cent public shareholding for all listed companies. The deadline for public sector units (PSU) to achieve this minimum will end in August 2018.

The FPO would help ITI Limited raise working capital for new projects, reduce its debt obligations and meet SEBI's requirement of minimum 25 per cent public shareholding. At present, the government holds 92.59 per cent stake in the company.

This infusion will also will help in protecting the current employment and to generate job opportunities in the field of new telecom technologies. ITI will reserve 5 per cent of the offer, over and above the fresh shares being offered in the FPO, for allotment to employees of the company.

 
 

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