The FPO was subscribed 62 per cent, as it received bids for around 11.25 crore shares till 4.45 pm today against 18.18 crore units on offer.
Shares of ITI gained 4.53 per cent to Rs 84.15. The company withdrew it post market hours citing prevailing market conditions.
“The company has decided to withdraw the issue due to the prevailing market conditions in consultation with the Book Running Lead Managers — BOB Capital Markets, Karvy Investor Services and PNB Investment Services,” ITI said in an exchange filing.
On January 28, the telephone equipment maker had cut the price band for its follow-on public offer (FPO) to raise up to Rs 1,400 crore, and extended the issue by three days until January 31. The telecom equipment maker cut the price band to Rs 71-77 per share, from Rs 72-77 per share following a tepid response.
ITI had further extended the offer period to February 5, citing bank strike in the country.
ITI recently announced a Rs 150 crore investment plan to scale up its solar panel manufacturing capacity to 90 MW in the next fiscal.
