New Delhi: ITI Limited, the public sector telecom manufacturing unit, on Monday moved to quell market speculation regarding a massive land deal in Bengaluru. Responding to a surveillance query from the National Stock Exchange (NSE), the company denied reports suggesting it was on the verge of raising over ₹3,400 crore to clear its mounting debts and loans through a land sale.
The company addressed a specific news item that claimed ITI would monetize a 91-acre land parcel in Bengaluru. In its regulatory filing, ITI stated that it had not shared any such information with news media outlets and suggested the figures cited in reports might have originated from a “reply to a Lok Sabha questionnaire” provided through the Ministry of Communications.
While the company did not deny the intent to monetize assets, it clarified that the identification of land parcels is strictly in line with Government of India policies. These sales are intended for the “settlement of bank loans and pending statutory dues,” but the company stressed that the entire process is being handled by the National Land Monetization Corporation (NLMC) and remains in the “initial stages”.
ITI reassured investors and exchanges that it has not executed any Sale Deed or Memorandum of Understanding (MOU), nor has it received any financial advances for the identified land. The management explicitly stated that no events are currently pending for disclosure that would have a bearing on the price or volume behavior of the company’s scrip.
Addressing the recent surge in trading volume and share price, ITI attributed these changes to “market speculations” and social media articles. The company maintained its commitment to SEBI’s Listing Obligations and Disclosure Requirements (LODR) and urged stakeholders to rely only on official intimations.