PTC raises Rs 156 cr by selling 40% in fin arm
PTC, formerly known as Power Trading Corporation, has raised Rs 155.74 crore by diluting 40% stake in PTC Financial Services (PFS) to Goldman Sachs and Macquarie India Holdings.
By TNN |
NEW DELHI: PTC, formerly known as Power Trading Corporation, has raised Rs 155.74 crore by diluting 40% stake in PTC Financial Services (PFS) to Goldman Sachs and Macquarie India Holdings.
As part of the agreement, the two financial investors acquired 20% stake each at Rs 16 per share which is 60% premium to the face value of the shares and pegs the company’s valuation at Rs 389.35 crore.
PTC on its part has brought in funds cumulating to around Rs 146 crore for its 60% equity holding in the subsidiary at Rs 10 per share. PFS is a non-banking finance corporation which has been set up to undertake investments across the Indian energy value chain.
The firm has already picked 26% stake in Indian Energy Exchange, the country’s first power exchange. In addition, PFS is expected to invest in greenfield and brownfield power generation assets, power transmission and distribution assets, apart from energy related infrastructure assets such as gas pipelines, fuel linked ports and electricity equipment.
It may also act as a sponsor of energy funds, as well as establishing an asset management company to deploy and manage the fund. NM Rothschild & Sons (India) was the sole sell side advisor on the transaction.
As part of the agreement, the two financial investors acquired 20% stake each at Rs 16 per share which is 60% premium to the face value of the shares and pegs the company’s valuation at Rs 389.35 crore.
PTC on its part has brought in funds cumulating to around Rs 146 crore for its 60% equity holding in the subsidiary at Rs 10 per share. PFS is a non-banking finance corporation which has been set up to undertake investments across the Indian energy value chain.
The firm has already picked 26% stake in Indian Energy Exchange, the country’s first power exchange. In addition, PFS is expected to invest in greenfield and brownfield power generation assets, power transmission and distribution assets, apart from energy related infrastructure assets such as gas pipelines, fuel linked ports and electricity equipment.
It may also act as a sponsor of energy funds, as well as establishing an asset management company to deploy and manage the fund. NM Rothschild & Sons (India) was the sole sell side advisor on the transaction.
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