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The follow-on offering (FPO) of ITI Ltd, a state-owned tech firm operating in the telecom sector, was subscribed 6 per cent on Friday. The FPO has got bids for 10 million shares against 181.8 million on offer. The price band for the FP0 is Rs 72-77 per share.
Shares closed at Rs 91 on Friday, down 2 per cent. They have declined 10 per cent since the announcement of the FPO price. However, the stock trades at a premium of 15 per cent to its issue price. At the top end, the company will be able to mobilise Rs 1,386 crore
