The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, has approved the following proposal of Department of Telecommunication regarding transfer of shares by ITI o Special National Investment Fund (SNIF).

ITI 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 ITI as part of revival plan approved by Cabinet in Feb, 2014 to meet for SEBI's minimum 10% Public Shareholding requirement;

The company will be allowed to meet SEBI's requirement of minimum 25% public shareholding by August 2017.

Shares of the company declined Rs 0.55, or 1.61%, to trade at  Rs 33.60.  The total volume of shares traded  was  361,883 at the BSE (11.16 a.m., Thursday).