Announcement Under Regulation 30 (LODR)
Awaiting price reaction for this filing.
ITI Limited has received an additional Rs. 50 Crores from C-DOT as part of an ongoing land transfer deal. Following a revised order from the AMRCD (an alternative dispute resolution body) in a long-standing land dispute between ITI and C-DOT, ITI is required to transfer 22.258 acres of land at Electronic City, Bangalore to C-DOT for a total consideration of Rs. 200 Crores. This Rs. 50 Crore tranche is part of the executed sale agreement between the two parties. The balance amount is expected to be received after ITI completes the remaining statutory formalities related to the transfer.
Positive for ITI shareholders as the company monetizes a non-core land asset, bringing in Rs. 200 Crores in cash and bringing closure to a long-pending land dispute with C-DOT. The cash inflow may strengthen ITI's balance sheet, though the company is giving up the land parcel.