PTC India, the country’s leading power trading company, has raised Rs 1,200 crore through the qualified institutional placement (QIP) route.The company has allotted 7.41 crore equity shares of Rs 10 each at an issue price of Rs 155 per share aggregating Rs 1,199.94 crore in favour of qualified institutional buyers (QIBs).
The company intends to use the net proceeds of the issue for enhancing the capital adequacy, capitalisation of PTC Financial Services, investment in fuel intermediation, investments in entities in the energy sector along with meeting the working capital requirements.
ABN AMRO Securities and Kotak Mahindra Capital acted as the book running lead managers (BRLMs) for the issue. Post-issue PTC India’s paid-up capital has been raised to Rs 227.41 crore from Rs 150 crore.
Earlier, PTC India’s subsidiary - PTC India Financial Services Limited (PFSL), had placed 20% each with Goldman Sachs and Macquarie India Holdings(Related Story). PFSL is a non public deposit taking NBFC and has been set up to undertake investments across the Indian energy value chain.The FIPB has already granted PFSL the approval for equity participation from Goldman Sachs and Macquarie for up to 40% of the paid up capital of PFSL.
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