The company expects to start production of the ventilators in about two-and-a-half months from the date of signing of the memorandum of understanding and technology transfer of the ventilator technology to it from the DRDO.
That the market is not yet in euphoric territory is seen from its rejection of the ITI FPO
The Rs 1,400-crore public issue was subscribed 62 percent despite extending the subscription period twice since its opening, and reducing the price band to Rs 71-77, down from Rs 72-77 earlier.
After the issue, government shareholding in the company will reduce to 74.96 percent from 90 percent.
The issue has received bids for 9.8 crore equity shares against offer size of 18.18 crore shares, the exchange data showed.
The Rs 1,400-crore further public offer (FPO) has received bids for 8.86 crore equity shares against offer size of 18.18 crore shares, as per data available on the NSE.
The reserved category for retail investors has seen subscription of 92 percent and that of qualified institutional buyers 49 percent and non-institutional investors 16 percent.
The company, in consultation with merchant bankers, extended the closing date for FPO by three more days.
The government's shareholding will be reduced to 74.96 percent, from 90 percent currently after the issue.
"Given the kind of demand we are witnessing in the solar space, especially in the rooftop segment, from corporates and commercial establisments as well as the state governments, we want to be ready to tap that opportunity," the company's Chairman and Managing Director R M Agarwal told PTI.
The funds raised through FPO would be utilised for funding its working capital requirements as well as repayment of existing debt.
The company in its BSE filing on January 19 said the meeting of the board of directors of the company is scheduled on January 22 to consider and approve price band for FPO.
Other income of the company in Q3 more than doubled to Rs 150.87 crore from Rs 72.6 crore YoY.
The company had posted a net profit of Rs 13.58 crore in the year-ago period, ITI said in a BSE filing.
Besides, kitchen appliances maker Stove Kraft and wire and cable maker Polycab India obtained the regulator's go- ahead to launch their respective initial public offers (IPOs).
ITI has filed draft red herring prospectus (DRHP) with SEBI in September 2018 as part of its follow on public offer (FPO) for offering 18 crore shares to public.
The procurement quota will also include 20 percent of the orders for the turnkey projects (like GSM network roll-out, Wi-Fi of BSNL and MTNL and BharatNet project network roll-out of BBNL).
Under the project, ITI is expected to establish 40,000 outdoor Wi-Fi access points in Rajasthan, the company said in a release. It said the project envisages supply, installation and maintenance of outdoor Wi-Fi access points along with associated RF Radio equipment in six months followed by operation and maintenance of the network for five years.
The Union Minister of State for Skill Development and Entrepreneurship said the Centre wants to take these ITIs to every community and rural development block in the country.