PTC to raise Rs 1,200 crore via QIB placement
Power trading firm PTC India Ltd will raise the fund for financing its business development requirements, including floating a financial services arm.
By PTI |
NEW DELHI: Power trading firm PTC India Ltd on Wednesday said it will raise Rs 1,200 crore in the current fiscal through placement to Qualified Institutional Buyers for financing its business development requirements, including floating a financial services arm.
The company said it has received approval from the board to raise Rs 1,200 crore as well as to increase the FII limits for equity capital to 60 per cent from the present 40 per cent.
The money will be utilised for pushing up the capital base as the company expects a substantial rise in its trading volume. At present, the company's volume of trading is around Rs 3,500 crore annually, company officials told PTI.
The amount would also be utilised towards investment in PTC Financial Services Ltd, for which it is in the process of finalising partners and expects to close a deal shortly.
PTC posted a 32 per cent rise in the net profit for the second quarter ended September 30 at Rs 11.40 crore as against Rs 8.65 crore in the year-ago period.
Total income during the quarter was at Rs 1473.61 crore, a rise of 12 per cent from Rs 1318.54 crore in the year-ago period. Income from operations for the quarter stood at Rs 1,467.21 crore, up 12 per cent from Rs 1,314.68 crore in corresponding period last year, a company statement said.
"The performance of the company during the quarter is commendable on the back of consolidating our market share in the trading business. Also, the signing of the long-term agreements is adding to the sustainability of our business model," PTC India Chairman and Managing Director T N Thakur said in a statement.
The company said it has received approval from the board to raise Rs 1,200 crore as well as to increase the FII limits for equity capital to 60 per cent from the present 40 per cent.
The money will be utilised for pushing up the capital base as the company expects a substantial rise in its trading volume. At present, the company's volume of trading is around Rs 3,500 crore annually, company officials told PTI.
The amount would also be utilised towards investment in PTC Financial Services Ltd, for which it is in the process of finalising partners and expects to close a deal shortly.
PTC posted a 32 per cent rise in the net profit for the second quarter ended September 30 at Rs 11.40 crore as against Rs 8.65 crore in the year-ago period.
Total income during the quarter was at Rs 1473.61 crore, a rise of 12 per cent from Rs 1318.54 crore in the year-ago period. Income from operations for the quarter stood at Rs 1,467.21 crore, up 12 per cent from Rs 1,314.68 crore in corresponding period last year, a company statement said.
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"The performance of the company during the quarter is commendable on the back of consolidating our market share in the trading business. Also, the signing of the long-term agreements is adding to the sustainability of our business model," PTC India Chairman and Managing Director T N Thakur said in a statement.
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