ITI Limited has informed the Exchange about General Updates
ITI · price
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On the reaction day the stock moved 0.2 pts more than Nifty Smallcap 250 and 0.4 pts more than its Telecom - Equipment & Accessories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ITI Limited has received the final tranche of Rs. 25 Crores from C-DOT, completing a Rs. 200 Crores land sale. As per a revised order from AMRCD (Arbitration and Mediation Centre - Domestic) proceedings, ITI is transferring 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 brings to a close a long-pending land dispute between the two parties. The earlier tranche details were shared with the stock exchanges via a letter dated July 12, 2024.
The company gains Rs. 200 Crores in cash but loses a sizeable land parcel in Bangalore. For shareholders, this is a neutral-to-slightly-negative event as the dispute is settled but a valuable real estate asset is being monetised. The cash inflow could improve liquidity and may be used to reduce debt or fund capex.