ITI extends FPO closing for the second time on shortfall in demand

ITI extended the closing of its follow-on public offer (FPO) for a second time, on Friday, on account of a shortfall in demand.

The state-owned telecom technology firm cited the banking strike for the extension.

“We wish to inform you that there is an ongoing banking strike in the country and as per the Regulation 142(3) of the 2018 SEBI ICDR Regulations, which states that in case of any force majeure, banking strike or similar circumstance, the issuer may extend the issue period for a minimum of three working days. In accordance with Regulation 142(3) and keeping in mind the circumstances, the FPO Committee has decided to extend the issue period by four working days,”it said in an exchange filing.