Announcement under Regulation 30 (LODR) - Updates ( Received further tranche of consideration from C-DOT)
Awaiting price reaction for this filing.
ITI Limited has received a further tranche of Rs. 25 Crores from C-DOT (Centre for Development of Telematics) pursuant to a revised AMRCD (Arbitration and Mediation Centre) order in an ongoing land dispute. The revised order directs ITI to transfer 22.258 acres of land situated at Electronic City, Bangalore to C-DOT through a sale deed for a total consideration of Rs. 200 Crores. This Rs. 25 Crores is part of the executed sale agreement between the two parties. The remaining balance of the consideration will be received once ITI completes the remaining statutory formalities related to the transfer.
Positive short-term cash inflow of Rs. 25 Crores for ITI Limited, with another Rs. 175 Crores expected to follow. However, the company is losing ownership of 22.258 acres of prime Bangalore real estate under a regulatory/adjudicatory order, which represents a forced divestiture of a significant asset.