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State-run electronic manufacturer ITI Limited plans to raise authorised share capital by about three-fold to ₹ 3,500 crore and come up with follow-on public issue.
The company will hold an extraordinary general meeting of the shareholders on April 5 to seek their approval for increasing “authorized share capital of the company from ₹1,200 crore ...to ₹ 3,500 crore,” a notice on ITI’s website today read.
The increased share capital of ₹3,500 crore will be divided into 280 crore equity shares of ₹ 10 each and 7 crore redeemable cumulative preference shares of ₹ 100 each by addition of 200 crore equity shares of ₹ 10 each and 3 crore redeemable cumulative preference shares of ₹ 100 each.
The Government holds over 92 per cent stake in ITI.
The company, after a gap of 16 years posted a net profit of ₹ 86 crore in quarter ended December 31, 2017 and revenue of ₹ 922 crore.
Indian Telephone Industries Limited (ITI) will seek approval of shareholders to come up with follow-on public offer by way of fresh issue of up to 18 crore equity shares of which up to 5 per cent of the fresh issue to public will be reserved for the employees of the company.
Shares of ITI today closed at ₹ 111.25 a unit, down by 0.13 per cent compared to previous close, at BSE today.
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