ITI Ltd withdraws Rs 1,400 crore Follow on Public Offer issue

New Delhi: The Rs 1,400 crore follow-on-public offer by public sector electronics and telecom gear maker ITI was withdrawn by the company, citing market conditions. The FPO was supposed to close on Wednesday.

“The company has decided to withdraw the issue, due to the prevailing market conditions, in consultation with the Book Running Lead Managers to the Issue, being BOB Capital Markets Ltd, Karvy Investor Services Ltd and PNB Investment Services Ltd,” ITI Ltd said in a communication to exchanges.

The issue remained undersubscribed despite two extensions in the share sale period.

ITI Ltd had earlier extended the closing date of the offer twice and also revised the price band but the issue was subscribed 0.62 times as of 4.45 p.m. on Wednesday.

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