ITI sells 21-acre Bengaluru land to CGST for Rs 914 Cr, repays bank debt

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ITI · price

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Price reactionminutes from the announcement price · days from the prior close

-0.3%Reaction day

₹297.80

prior close

₹300.00

announcement price

After-mkt

timing

Nifty Smallcap 250market+0.5%-0.7% vs market

Telecom - Equipment & Accessories peers, median of 5sector-0.4%+0.2% vs sector

On the reaction day the stock moved 0.7 pts less than Nifty Smallcap 250 and 0.2 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.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

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10m

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15m

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30m

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Sessions after the filingfrom the prior close

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Reaction day

-0.3+0.5-0.7-0.4+0.2

Next day

-1.9-0.2-1.7-0.9-1.0

-4.2-2.2-2.0-2.7-1.5

-2.8-0.7-2.1-1.4-1.4

-2.4+0.7-3.0+0.9-3.2

-2.5+1.0-3.5+1.0-3.5

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15d

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-3.7+2.0-5.7-1.1-2.6

-9.2+2.7-11.9+2.8-11.9

-16.4-0.5-15.9+14.7-31.1

UpDownMarket · Nifty Smallcap 250Sector · Telecom - Equipment & Accessories peers, median of 5Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

ITI Ltd has executed the sale deed for 21 acres of land at K.R. Puram, Bengaluru to the CGST Department, Government of India for Rs 914.31 Crores. After TDS of Rs 9.14 Cr and NLMC charges of Rs 2.36 Cr, Rs 902.81 Crores was used to repay fund-based borrowings to the consortium of lending banks. The mortgage on the land has been released by SBICAP Trustee, enabling transfer of clear title.

Likely market impact

Major deleveraging - Rs 903 Cr of bank debt repaid from land sale proceeds, strengthening the balance sheet for shareholders.