Indian Telephone Industries Limited, commonly known as ITI Limited, on Wednesday said that it has allotted 10 crore equity shares of Rs 10 each at par amounting to Rs 100 crore to President of India.
“The Board of Directors in its 431st meeting held on 13.09.2017, considered and approved the issue and allotment of 10,00,00,000 equity shares of Rs 10 each at par amounting to Rs. 100,00,00,000 to President of India,” ITI said in a filing to the Bombay Stock Exchange.
The said allotment of equity shares is made pursuant to BIFR order dated 08.01.2013, sanctioning the revival scheme of the company, it added.
Meanwhile, shares of company closed day’s trade at Rs 95.15 apiece, down 4.85 per cent, on the Bombay Stock Exchange.