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 Cabinet allows  ITI Limited to transfer shares to SNIF to meet SEBI’s minimum public shareholding requirement

Cabinet allows ITI Limited to transfer shares to SNIF to meet SEBI’s minimum public shareholding requirement

India Blooms News Service | 13 Jul 2016, 10:03 pm
New Delhi, July 13 (IBNS) The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, on Wednesday approved the following proposal of Department of Telecommunication regarding transfer of shares by M/s ITI Limited to Special National Investment Fund (SNIF) to meet Securities and Exchange Board of India's minimum public shareholding requirement.

"M/s ITI Limited will be allowed to transfer the requisite number of shares from President of India to SNIF as and when Capital grant is released in the form of equity infusion to M/s ITI Limited as part of revival plan approved by Cabinet in Feb, 2014 to meet for SEBI's minimum 10% Public Shareholding requirement," read a government statement.
"M/s ITI Limited will be allowed to meet SEBI's requirement of minimum 25% public shareholding by August 2017," it said.

Cabinet allows ITI Limited to transfer shares to SNIF to meet SEBI’s minimum public shareholding requirement

India Blooms News Service
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