ITI Ltd to transfer land and building at Electronic City in Bengaluru to C-DOT for ₹200 crore

The land parcel, to be transferred to C-DoT, has a total area of over 24,458 acres whereas the buildings make up 20,558.07 sq metres.

C-DoT will compensate ITI Limited with ₹200 crore for these properties, a valuation reached through amicable discussions. C-DoT will also bear the stamp duty charges, registration fees and other associated costs related to the transaction.

ITI Limited added in the filing that it is evaluating its next steps in light of this decision.

Shares of ITI Limited soared by 10.67% to reach an intraday high of ₹341.50 on the NSE on Friday, July 12.

The stock opened the session at ₹310.35, higher than its previous close of ₹308.55, and then hit the intraday high. ITI Limited stock closed at ₹319.50, a gain of 3.55%.

On May 28, ITI Limited announced its financial results for the quarter and year ended March 31, 2024. The company reported a 22.44% decline in consolidated revenue from operations year-on-year, recording ₹601.28 crore in Q4FY24, down from ₹775.26 crore in Q4FY23.

ITI Limited reported a net loss of ₹238.82 crore in Q4FY24, compared to ₹72 crore in Q4FY23.

On May 16, ITI Limited announced receiving a Letter of Intent (LoI) valued at ₹37.5 crore from the Bihar Renewable Energy Development Authority (BREDA) for the installation of solar street light systems. ITI's Naini unit, a Central PSU, secured the LoI for designing, supplying, installing, testing, and commissioning the systems, along with a comprehensive maintenance contract (CMC) spanning five years, overseen by BREDA. Key components of the systems include solar PV modules, solar batteries, LED luminaries, mounting structures and balance of system (BOS).