The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has given its approval forthe following proposal of Department of Telecommunication to allow M/s ITI Limited to:
Number of Beneficiaries:
The Further Public offer will provide the much needed working capital to the Company and help it to timely execute the orders that it has in hand and improve its margins. This, in turn, will help in protecting the current employment and generating more job opportunities in the company particularly in the field of new telecom technologies.
Implementation Strategy and Targets:
M/s ITI Limited shall offer requisite number of fresh equity shares to General public through Further Public Offer in the domestic market as per SEBI Rules and Regulations to meet for SEBI’s minimum public shareholding requirement.
M/s ITI Limited will be able to fulfil SEBI’s Minimum Public Shareholding requirement and improve its working capital.
M/s ITI Limited is a listed Schedule “A” Central Public Sector Enterprise, under the administrative control of Ministry of Communications, Department of Telecommunication. The Company is a supplier for the Defence communication and networking needs and a major supplier of encryption products to Indian Army. The major customers are BSNL, MTNL, Defence, Paramilitary forces and State Governments. ITI has six manufacturing units at Bangalore (Karnataka), Raebareli, Naini and Mankapur (all in UP), Palakkad (Kerala) and Srinagar (J & K).
The issued and subscribed equity capital of the Company as on 31.12.2017 is Rs 760 Crore (76 Crores of equity shares of face value of Rs 10 each) out which 92.59% equity i.e. 70,36,87500 shares are held by Government of India.