ITI to raise Rs 1,600 crore through FPO
By MYBRANDBOOK
Indian Telephone Industries (ITI) will have a Rs 1,600-crore follow-on public offer (FPO) on Friday that will comprise of a fresh issue of up to 180 million equity shares. An additional issue constituting up to 1.8 million shares will be reserved for employees.
The company said in a statement that the issue will open on Friday, January 24 and close on Tuesday, January 28. The last FPO to hit the market was in 2014 by state-owned Engineers India.
FPO as a fund raising instrument has lost its appeal, as companies these days opt for newer methods like offer for sale (OFS) or institutional placement programme (IPP).
The price band for the FPO will however be announced on Wednesday. Proceeds of the issue will be utilized towards working capital requirements, repayment of loan taken by the company, and for general corporate purposes.
ITI has a market cap of Rs 9,226 crore. The public issue is being managed by BOB Capital Markets, Karvy Investor Services and PNB Investment Services. The FPO will help the company meet Sebi’s requirement of minimum 25 per cent public shareholding. The government holding in the company is currently at 90 per cent.
The company has a strong order book of Rs 11,051.12 crore as on December 2019, which includes various government projects such as ASCON, BharatNet, Network for Spectrum, smart energy meters, space programs and e-governance projects.
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