PTC is selling a 40% stake in PTC Financial Services (PFS), the investment arm of power trading and advisory services company.The deal is expected to be in the region of Rs 120 crore.Two private equity players, Goldman Sachs and Macquaire would subscribe equal number (20% each) of shares in the company. PTC, formerly known as Power Trading Corporation, is diversifying beyond its traditional power trading business.
PFS Registered as a non-banking finance company (NBFC), one of the main activities of which would be to pick up equity in power projects and facilitate financial closure.
PFS is expected to dilute its holding further by 26% when the capital of the NBFC is raised further, reducing the holdings of PTC to below 50%.The proposal received a huge response from investors forcing it to appoint a consultant to finalise the equity partners for PFS.PTC was also engaged in talks with Blackstone, Soloman Brothers and a few other private equity players for roping them as strategic partner in PFS.
Read more in The Economic Times article.
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