ITI’s Rs 1,600 crore FPO to open on Friday

State-owned ITI Ltd will come out with Rs 1,600 crore follow-on public offer (FPO) on Friday.

The FPO comprises fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares will be reserved for employees.

The issue will open on Friday, January 24 and close on Tuesday, January 28, the company said in a statement on Monday.

The price band for the FPO will be announced on Wednesday.

Proceeds of the issue will be utilised towards working capital requirements, repayment of loan taken by the company and for general corporate purpose.

According to market sources, the company’s FPO is expected to fetch Rs 1,600 crore.