ITI Limited responds to exchange query on Bengaluru land monetisation plan

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AI summary

NSE sought clarification from ITI Limited on a news report about plans to monetise a 91-acre Bengaluru land parcel to raise around Rs 3,473 crore, clear dues and repay loans. The company has submitted its response to the exchange. The document attached only contains digital signatures, so detailed terms of the proposed monetisation are not visible in this filing.

Likely market impact

If executed, the land sale could significantly strengthen ITI's balance sheet by clearing debt, but execution and valuation risks remain for shareholders.