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.
Indian Telephone Industries Limited (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.
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