PTC India''s arm files draft prospectus with SEBI

MUMBAI: State-run PTC India today said its subsidiary PTC India Financial Services (PFS) has filed draft prospectus with the market regulator SEBI for an initial public offer to raise about Rs 700 crore.

The subsidiary has submitted a Draft Red Herring Prospectus (DRHP) with SEBI for this purpose, PTC India Ltd said in a filing with the Bombay Stock Exchange. The subsidiary plans raise up to Rs 700 crore for funding its business expansion activities, it said.

PTC Financial Services' present equity capital is Rs 600 crore, of which 77 per cent is held by PTC India and 11.5 per cent each by Goldman Sachs and Australia''s Macquarie.

Formed in 2008-09 for providing equity support to power projects in the country, the company also invests in renewable energy projects including wind farms and biomass projects.

It is also looking at acquiring coal blocks abroad and has shortlisted mines in Australia and Indonesia, where the fuel is available in abundance. It would import the dry fuel from its overseas properties and sell it in India.
It was promoted by PTC India Ltd (PTC) as a special purpose investment vehicle to provide total financial services to the entities in energy value chain.

Shares of the public sector closed at Rs 124.20, up 0.28 per cent from the previous close on the BSE.