The follow-on-public offer of public sector unit ITI, which is expected to garner Rs 1,400 crore, opened on Friday.

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“Issue is opening today i.e. January 24, 2020,” the company said in a Bombay Stock Exchange (BSE) filing.

ITI Ltd on Thursday said it intends to raise about Rs 1,400 crore of which Rs 607 crore will be utilised for repaying loans.

The issue will close on January 28.

The company intends to sell its 18 crore shares, including one per cent quota for the employees, to be sold between the bracket of Rs 72 to Rs 77 per share.

“Further Public offering...of ITI Ltd comprising of a fresh issue of up to 180,000,000 equity shares for cash...and an additional issue of up to 1,800,000 equity shares constituting one per cent of the net issue which shall be reserved for allocation and allotment on a proportionate basis to eligible employees...,” the filing said.

The shares of ITI Ltd were trading at Rs 91.00 apiece on the BSE in the morning trade, down 2.10 per cent from the previous close.