ITI Ltd has denied media reports claiming it planned to monetize a 91-acre land parcel in Bengaluru to raise Rs 34.73 billion. The company clarified that no such information was shared with media outlets and emphasized adherence to SEBI disclosure norms for market-sensitive developments.
ITI Ltd, the state-owned telecom equipment manufacturer, has issued a clarification regarding reports suggesting it would monetize its 91-acre land parcel in Bengaluru to raise Rs 34.73 billion. The company stated that the information did not originate from its official communication channels and reaffirmed its commitment to regulatory compliance.
Key highlights from the announcement include
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ITI Ltd denied reports of monetizing its Bengaluru land parcel valued at Rs 34.73 billion.
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The company clarified that it had not shared such information with media outlets, including Moneycontrol.
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The clarification came after BSE sought details following the publication of the report.
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ITI emphasized adherence to SEBI Listing Obligations and Disclosure Requirements, ensuring transparency in market-sensitive matters.
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The company suggested the information may have stemmed from a Lok Sabha questionnaire submitted via the Ministry of Communications.
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Despite the denial, government sources had earlier identified the land for potential monetization to clear dues and loans.
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ITI continues to face financial challenges, with losses despite an order book of Rs 18,746 crore.
The clarification underscores ITI Ltd’s effort to maintain transparency with stakeholders while addressing speculation. The company’s denial highlights the importance of verified communication in financial markets, especially for listed entities.
Sources: Moneycontrol, FilingReader, News First Prime