ITI rises on plan to comply with minimum public shareholding norm

ITI gained 1.21% to Rs 137.60 after the company said that it is mulling various options in order to comply with Sebi's minimum 25% public shareholding guidelines.

ITI on Friday (28 August) said it will achieve minimum 25% public shareholding norm by 3 August 2021. It is exploring feasibility of various options including offer of shares to public within prescribed time limit for compliance.

The Government of India holds 90.3% stake while the public shareholders hold 9.7% stake in ITI (as of 30 June 2020).

ITI posted a 47% decline in consolidated net profit to Rs 36.46 crore on 3% rise in net sales to Rs 650.48 crore in Q4 March 2020 over Q4 March 2019. The company is yet to declare its result for quarter ending June 2020.

 

State-run ITI offers complete range of telecom products and total solutions covering the whole spectrum of Switching, Transmission, Access and Subscriber Premises equipment.

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