ITI Limited has extended the closing date of its follow-on-public offer (FPO) to January 31, 2020. The issue was initially slated to close on January 28, 2020.

ITI Limited plans to raise 14 billion of which the public sector unit (PSU) plans to utilise 6.07 billion for repaying loans.

The PSU has further revised its public offer’s price band to Rs 71 to Rs 77 per share, as compared to the earlier bracket of Rs 72 to Rs 77 per share. The issue was subscribed 48 per cent by 4 pm on January 28, 2020, as per a data from National Stock Exchange of India Limited (NSE).

The FPO comprises of fresh issue of up to 180 million equity shares and additional issue of up to 1.8 million to be reserved for eligible employees.

As per ITI Limited, its board meeting scheduled on January 29, 2020, for fixation of issue price stands postponed.