ITI gets nod for follow-on offer to meet public shareholding norm

NEW DELHI: The Cabinet on Wednesday cleared selling of 18 crore equity shares of ITI through a follow-on public offer (FPO), which will help the telecom PSU meet the minimum 25 per cent public shareholding norm. The FPO would help ITI raise working capital for new projects, reduce its debt obligations and meet Sebi's requirement of minimum 25 per cent public shareholding. The government holds 92.59 per cent stake in ITI.