State-run IT and telecom product maker ITI Ltd today said its board has approved conversion of Rs 100 crore capital grant, received from the government under a revival scheme, into 10 crore equity shares.
The shares have been allotted to the President of India in lieu of the amount received by the company from the government for revival.
In a regulatory filing, ITI said the board of directors have "considered and approved the conversion of Rs 100 crore, being Capital grant received from Government of India under BIFR proceedings, into 10,00,00,000 equity shares of Rs 10 each at par and allotted shares accordingly to President of India."
The receipt of capital grant of Rs 100 crore and the allotment of equity shares is made pursuant to a Board for Industrial and Financial Reconstruction (BIFR) order of 2013 sanctioning the revival scheme of the company, it added.
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