MUMBAI, 24 JANUARY, 2020 (GPN): Govt. Owned, Telecommunications Technology Company, ITI Limited was subscribed overall 6% on day one of bidding on Friday, January 24, 2020, it closes on Tuesday, January, 28, 2020.

At a price band of Rs. 72-77, the FPO received total bids for 1,01,27,550 shares as against 18,18,00,000 equity shares, as per the data on both the exchanges at 5.00pm. The Rs. 138.6 crore portion reserved for retail individual investors saw bids for 32,98,650 shares and was subscribed 18%. The NII portion was off to a slow start with 1,01,400 bids and QIB portion saw  bids on day 1 itself for 66,66,000 shares on the BSE exchange. Additionally, the employee portion of Rs. 13.86 crore was subscribed 3%.

After the CCEA approved revival in 2014, the turnaround story of ITI from a loss to profit making company has been supplemented by its  focus and alignment to market demand, end to end turnkey solutions using own resources, diversifying into new areas like 5G, Cloud Computing,AI, monetizing its large pool of real estate assets for continuous revenue generation, Skillset upgrade of existing resources and an aggressive bidding strategy which reflects in its strong order book of Rs. 11,051 cr of which 29% comprises of large turnkey projects, 57.87% AMCs and 13% other products and services orders

ITI has been playing a key role in the communication infrastructure development of the country through its participation in projects like (i) ASCON which it has been servicing since Phase 1, currently it’s at phase 4 which has an estimated purchase order value of Rs. 7600 cr (ii) BharatNet Project where it has manufactured and installed 47,000 Optical Network Terminals and 1850 Optical Line Terminals to cover 47,000 Gram Panchayats, additional responsibility has been awarded to them recently by the Maharashtra and Gujarat State Government. Going forward ITI looks to launch new products under optical and data, defense security, IoT ;upgrade and modernize its infrastructure and technology as well as team up with innovative technology leaders and startups to support the Make in India and Digital India fillip of the Government. ENDS