ITI further extends FPO to Feb 5; issue subscribed 58% so far
Services of public sector banks were impacted as employee unions went on a two-day nationwide strike from Friday to press for wage revision.
by ETMarkets.com
Mumbai: State-run ITI further extended its follow-on public offer (FPO) to February 5 from Friday, citing bank strike. The issue was subscribed 58 per cent till Friday, data with NSE showed.
Services of public sector banks were impacted as employee unions went on a two-day nationwide strike from Friday to press for wage revision.
“We wish to inform you that there is an ongoing banking strike in the country and Sebi regulation, 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,” ITI said in an exchange filing.
“In accordance with Regulation 142(3) and keeping in mind the circumstances, the FPO Committee has decided to extend the bid/ issue period by four working days. The bid/ issue closing date is now February 5, 2020,” it added.
On January 28, ITI had cut the price band for its ongoing follow-on public offer (FPO) to raise up to Rs 1,400 crore, and extended the issue until January 31. The telecom equipment maker cut the price band to Rs 71-77 per share, from Rs 72-77 per share following a tepid response.