ITI to raise `1,600 crore for part-debt repayment, working capital needs

State-run electronics and telecom gear manufacturer Indian Telephone Industries (ITI) plans to raise Rs 1,600 crore through a follow-on public offer which will be utilised for partial debt repayment as well as to meet working capital requirements.

The issue will open on January 24 and close on January 28. The price band for the offer will be announced on January 22, a top official of the company said.

“A significant part of this issue, around Rs 607 crore, will be utilised for partial repayment of loans while over Rs 640 crore would be used to fund our working capital requirements,” company’s

chairman and managing director RM Agarwal told reporters here.

ITI’s total outstanding debt as on December 31, 2019, stood at Rs 978.38 crore.