ITI sets FPO price band at ₹72-77

Our Bureau Chennai | Updated on January 22, 2020

ITI Ltd on Wednesday announced the price band of ₹72-77 a share for its further public offering, through which the PSU company plans to raise ₹1,400 crore.

The issue opens on January 24 and closes on January 28. While, it plans to raise ₹1,386 crore (at ₹77 a share), an additional ₹13.86 crore would come from the portion reserved for the eligible employees. The company intends to utilise the proceeds for funding its working capital requirements for FY20 as well as repayment of existing debt. Shares of ITI closed 0.55 per cent higher at ₹99.8 on the BSE.

Published on January 22, 2020

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