 "PTC India considers selling controlling stake in its Financial Services arm")
PTC India Ltd is planning to divest the controlling stake in its financial services arm PTC India Financial Services (PFS).
The last day of submission of Interest by a bidder is July 31, 2020, PFC said in a filing with the BSE. PTC held a 64.99 per cent stake in its financial services arm as on March 31, 2020.
PFS stock closed 1.1 per cent lower at Rs 13.7 per share on BSE.
The requisite internal approvals have been received to reinitiate the process of exploring opportunities for monetising the Company’s investment in PFS.
PTC financial Services, on standalone-basis, reported a sharp drop in annual profit to Rs 109.99 crore for FY20 from Rs 184.14 crore in FY19.
Its total Income for FY20 increased by 2.5 per cent to Rs 1,369.71 crore compared to Rs 1,336.51 crore in FY19.
The total outstanding credit stood at Rs 11,394 crore as on March 31, 2020. Loan assets amounted to Rs 11,005 crore and outstanding non-fund based commitments amounted to Rs 389 crore.
The Gross Non Performing Accounts (GNPAa) stood at 6.77 per cent and Net NPAs at 3.62% as on March 31, 2020.
Its Capital Adequacy Ratio (CAR) as on March 31, 2020 stood at 23.72 per cent comprising Tier I at 23.14 per cent and Tier II at 0.58 per cent.
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