New Delhi, Feb 6 (IANS): The Rs 1,400 crore follow-on-public offer by public sector electronics and telecom gear maker ITI was withdrawn by the company, citing market conditions. The FPO was was supposed to close on Wednesday.

"The company has decided to withdraw the issue, due to the prevailing market conditions, in consultation with the Book Running Lead Managers to the Issue, being BOB Capital Markets Ltd, Karvy Investor Services Ltd and PNB Investment Services Ltd," ITI Ltd said in a communication to exchanges.

The issue remained undersubscribed despite two extensions in the share sale period.

ITI Ltd had earlier extended the closing date of the offer twice and also revised the price band but the issue was subscribed 0.62 times as of 4.45 p.m. on Wednesday.

ITI Ltd had planned to raise a,1,400 crore from the issue. The shares of the public sector company closed 4.5 per cent higher at Rs 84.

With manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R&D centre in Bengaluru, ITI has a diverse suite of products including manufactured products like Gigabit Passive Optical Network (GPON), Managed Leased Line Network (MLLN) products, Stand Alone Signalling Transfer Point (SSTP), Wi-Fi Access Point, Radio Modem, SMPS, Set Top Box, defence products like multi-capacity encryption units, bulk encryption Units (BEU), Terminal End Secrecy Devices (TESD), passive infrastructure products such as optical fibre cable, HDPE duct, antenna, and diversified products such as smart energy meters, smart cards, solar panels, and mini personal computers.