ITI to float its FPO to raise Rs 1,600 crore

ITI to float its FPO subscription starts on Jan 24:

On Jan 20, ITI announced, it will launch its FPO on Jan 24, 2020. The company aimed to raise nearly Rs 1,600 cr through is Follow Public Offer. Next week, the telecom equipment makers issue will end.

The objectives of the FPO, it aimed to utilize the obtained amount for capital requirements, and the next financial year repayments of company loans apart of completely. 

Moreover, the FPO is the company previously trading in an exchange and again enters with a new amount of shares for investors or shareholders.  This process has used to expand the company equity base. 

The Indian Telephone Industries Limited plans to expand its products, resources, and sales through this FPO. Also, it aimed to establish a good relationship with the government and different public divisions. 

Furthermore, the BOB Capital Markets, Karvy Investor Services, and PNB Investment Services act as a promoter for this FPO. 

The QIBs having 75% of shares allocated in the entire issue, 15% of share allocated to NIIs. And 10 % of share allocated to Retail Individual bidders. 

Today, the ITI IPO listed with the growth of 0.10% and reached to Rs 103.25 on the Bombay Stock Exchange. Around, 11.73% of growth occurred from the previous years. 

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