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"The Board of Directors in its meeting held on 11.05.2023 has considered and approved allotment of 1,13,09,586 equity shares issued at Rs 94.61 (Rs 10 face value and premium of Rs 84.61) to the President of India, against capital grant of Rs 1,07,00,00,000/- (Rupees One Hundred Seven Crore) received from Government of India," ITI said in a statement.
ITI is a public sector telecommunications technology company established in 1948 with manufacturing facilities in multiple cities and an R&D center in Bengaluru. The company offers a wide range of products including telecom turnkey solutions, diverse ICT products, and encryption solutions for the Indian Defence forces. The company is also diversifying towards IoT, smart cities, and other telecom products and services. The company reported consolidated net loss of Rs 87.61 crore in Q3 FY23 compared with Rs 92.59 crore in Q3 FY22. Net sales jumped 86.7% year on year to Rs 256.35 crore in Q3 FY23.
Shares of ITI rose 2.60% to Rs 107.16 on Thursday, 11 May 2023.
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