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| PTC may divest 26% in financial arm; IPO next fiscal |
| Press Trust fo India / New Delhi Aug 11, 2009, 13:14 IST |
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PTC Financial Services, a subsidiary of Power Trading Corporation, is mulling hitting the capital market next fiscal to raise about Rs 1,500 crore by divesting 26 per cent of the promoters' stake.
The initial public offering (IPO) of PTC Financial Services can be expected by the end of the next financial year, a company official said, adding that as per the shareholders' agreement the company should come up with an IPO within three years of its formation.
The present equity capital of PTC Financial Services is Rs 600 crore, 77 per cent of which is held by PTC India and 11.5 per cent each by Goldman Sachs and Australian company Macquarie.
PTC Financial Services, a diversified entity, was formed in 2008-09 for providing equity support to power projects in the country.
PTC India Chairman and Managing Director T N Thakur has said that PTC Financial Services is looking at acquiring coal blocks abroad and has shortlisted mines in Australia and Indonesia, where the fuel is available in abundance.
The company will import the dry fuel from its overseas properties and sell it in India.
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