The state-run telecom major ITI Ltd is planning to raise Rs 150 crore through cumulative redeemable preference shares to meet working capital requirements.
The Bangalore-based company is looking at offering shares to banks, financial institutions, mutual funds, overseas corporate bodies, the Central government and foreign institutional investors.
The proposed issue with a face value of Rs 100 each is likely to lead to an increase in the subscribed and paid-up capital of ITI. At present, the authorised capital of the company stands at Rs 100 crore consisting of 10 crore shares of Rs 10 a share.
ITI is seeking the shareholders