Announcement Under Regulation 30 (LODR)
Awaiting price reaction for this filing.
ITI Limited, a Government of India undertaking, has received the final tranche of Rs. 25 Crores from C-DOT under their revised AMRCD (Arbitration & Mediation) order. As per the revised order, ITI will transfer its 22.258 acres of land at Electronic City, Bangalore to C-DOT through a sale deed for a total consideration of Rs. 200 Crores. This final payment closes out the long-pending land dispute between the two government entities. The original communication on this matter was made to stock exchanges on July 12, 2024.
This is a positive resolution for ITI shareholders as it brings closure to a protracted land dispute and unlocks Rs. 200 Crores of value from a non-core asset. The cash inflow strengthens ITI's balance sheet, though the company is divesting land that could have had development potential. Investors should view this as a one-time positive event without significant recurring earnings impact.