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ITI to raise share capital by 3-fold to Rs 3,500 cr

Press Trust of India  |  New Delhi 

plans to raise authorised share capital by about three-fold to Rs 3,500 crore and come up with follow-on public issue.

The company will hold an extraordinary general meeting of the shareholders on April 5 to seek their approval for increasing "authorized share capital of the company from Rs 1,200 crore ...to Rs 3,500 crore," a notice on ITI's website today read.

The increased share capital of Rs 3,500 crore will be divided into 280 crore equity shares of Rs 10 each and 7 crore redeemable cumulative preference shares of Rs 100 each by addition of 200 crore equity shares of Rs 10 each and 3 crore redeemable cumulative preference shares of Rs 100 each.

Government holds over 92 per cent stake in ITI.

The company, after a gap of 16 years posted a net profit of Rs 86 crore in quarter ended December 31, 2017 and revenue of Rs 922 crore.

(ITI) will seek approval of shareholders to come up with follow-on public offer by way of fresh issue of up to 18 crore equity shares of which up to 5 per cent of the fresh issue to public will be reserved for the employees of the company.

Shares of ITI today closed at Rs 111.25 a unit, down by 0.13 per cent compared to previous close, at BSE today.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 12 2018. 19:05 IST
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