The follow-on-public offer (FPO) of ITI Limited opened today, January 24, 2020. The issue, which is expected to garner Rs 14 billion, will close on January 28, 2020.

ITI Limited has fixed the price band of Rs 72-77 for its further public offering.

The FPO comprises fresh issue of up to 180 million equity shares. Meanwhile, an additional issue constituting up to 1.8 million shares will be reserved for employees.

The company is expected to raise Rs 13.86 billion at Rs 77 per equity share and an additional Rs 138.6 million from the shares reserved for eligible employees.

Proceeds from the FPO will be used to meet working capital requirements, repayment of loan taken by the company and for general corporate purpose. Further, the FPO will help ITI Limited meet Securities and Exchange Board of India’s (SEBI) requirement of minimum 25 per cent public shareholding.

The public issue is being managed by BOB Capital Markets Limited, Karvy Investor Services Limited and PNB Investment Services.