The objects of the issue would be to utilize the Net Proceeds for funding its working capital requirements for FY2020 and Rs 6,072.91 mn to repay loans in full or partially, taken by the company.
Going forward ITI looks to diversify its products and services and leverage their relationship with GoI and various public sector units, modernize its infrastructure and technology as well as team up with innovative technology leaders and startups to support the Make in India and Digital India fillip of the Government.
ITI Limited has appointed BOB Capital Markets Limited, Karvy Investor Services Limited and PNB Investment Services Limited as the book running lead managers to the Issue (“BRLMs”).
Equity Shares proposed to be issued pursuant to the Issue will be available on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”), subject to receipt of necessary approvals.
The Net Issue will have not less than 75% allocation to Qualified Institutional Buyers, not more than 15% to Non-Institutional Bidders and not more than 10% to Retail Individual Bidders.
About ITI Limited:
ITI Limited is a public sector undertaking in the telecommunications technology segment. The company has manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R&D centre in Bengaluru and 8 regional offices in India, which were located at Bengaluru, Bhubaneshwar, Chennai, Hyderabad, Kolkata, Lucknow, Mumbai and New Delhi as well as 17 area offices spread across the country. The company has a diverse suite of products including defence security encryption products; optical and data network products and passive infrastructure products such as gigabit passive optical network and manage leased line products; multi-capacity encryption units, electrical products such as smart energy meters, smart cards, solar panels, set-top boxes and mini personal computers and Internet of Things products. Besides offering the telecom solutions and customized support, ITI has a dedicated Network System Unit for executing turnkey projects for installation and commissioning of telecommunication networks. The company intends to upgrade and invest in the technology, through the acquisition of technology from strategic partners with a specific focus on high growth industry segments. The company operates a data centre at Bengaluru and currently also offers its services to government institutions/departments, banks etc.