ITI allots 84.03 lakh shares to Govt

The board of directors of ITI has approved allotment of 84,03,361 shares, issued at ₹124.95, to the President of India as against capital grant of ₹105 crore received from the Central Government. The company in a regulatory filing to the exchanges said: “The capex receipt of ₹105 crore and allotment of equity shares is made pursuant to BIFR order dated January 8, 2013.” The board will meet on February 12 to consider December quarter results. For the September quarter, ITI had posted a loss of ₹56.04 crore on revenues of ₹433.97 crore. Shares of ITI closed 0.88 per cent higher at ₹126.05 on the BSE.