The telecom equipment maker cut the price band to Rs 71-77 per share, from Rs 72-77 per share following a tepid response.
The issue was subscribed 49 per cent on Day 3 of the bidding process. By 5 pm, the QIB portion of the issue was subscribed 49 per cent while the non-institutional quota limit was subscribed 15 per cent. The Rs 138.6 crore portion reserved for retail individual investors was subscribed 92 per cent. The employee portion was subscribed 65 per cent.
The FPO comprises fresh issue of up to 18 crore equity shares and additional issue of up to 18 lakh to be reserved for eligible employees.
Of late, the company hogged the limelight when its net worth turned positive after a gap of 16 years. Earlier in January, the PSU posted manifold rise in profit at Rs 168.25 crore for the December quarter of 2019. It had posted Rs 13.58 crore profit for the year-ago period.
Funds raised through FPO will be utilised for funding working capital requirements as well as repayment of existing debt.
The public sector electronics and telecom gear maker recently announced its plans to invest around Rs 150 crore to scale up its solar panel manufacturing capacity to 90 MW next financial year.
ITI is also looking to look to launch new products under optical and data, defense security, IoT; upgrade and modernise its infrastructure and technology as well as team up with innovative technology leaders and startups to support the Make in India and Digital India fillip of the government.
