The ₹1,400-crore FPO of public sector ITI Ltd will open for subscription on Friday and close on January 28. The company plans to sell 18 crore shares, including 1 per cent quota to its staff, in a price band of ₹72-77 a share.
The company intends to utilise the proceeds of the issue for funding its working capital requirements for FY2019-20 as well as repayment of existing debt. Shareholders will closely monitor the response to the issue, as it has lined up big plans with fresh funds.