ITI Ltd's FPO likely to be completed soon to meet minimum 25% shareholding

Notably, the deadline for achieving the minimum public float of 25% will end in August this year

Public sector telecom manufacturer, ITI Ltd is hopeful of completing its follow-on public offer (FPO) in the next two months for which it has already received Union Cabinet's approval in March this year.

The company will sell 180 million equity shares through this FPO, which will help it to meet the minimum public shareholding norm of 25 per cent as mandated by the market regulator, Securities and Exchange Board of India (SEBI). Notably, the deadline for achieving the minimum public float of 25 per cent will end in August this year.  

"We have already received the Cabinet approval. We have