Power trading firm PTC India today said it will raise up to Rs 500 crore through issuance of equity shares, against its earlier plans to raise Rs 1,200 crore.
In a filing to the Bombay Stock Exchange, PTC India said its board has recommended the shareholders to raise up to Rs 500 crore in one or more tranches through issuance of equity shares.
Last month, the board had approved raising of Rs 1,200 crore through qualified institutional placement. Under the plan, the company was to issue non-convertible debentures worth Rs 400 crore and warrants to the tune of Rs 800 crore.
The company said the amount of fund to be raised has been revised by the board and has been brought down to Rs 500 crore.
Shares of PTC India settled at Rs 72, down 0.62 per cent on the BSE today.
