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PTC India Fin may exit Ind-Barath project

PTC India Fin may exit Ind-Barath project
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First Published: Fri, Jul 01 2011. 12 59 PM IST
Updated: Fri, Jul 01 2011. 12 59 PM IST
Mumbai: PTC India Financial Services, a unit of power trading firm PTC India , plans to sell its investment in a power project by Ind-Barath, besides selling part of its stake in Indian Energy Exchange (IEX) this fiscal, a top official said.
“As per contractual terms, buyback of shares by Ind-Barath in a thermal power project based in south India may take place,” Ashok Haldia, director on the board of the power sector lender told Reuters in a telephonic interview on Friday.
“We invested about Rs 55 crores in August, 2008 (in Ind-Barath project), and the exit is likely to be in August or September.”
The New Delhi-based financial services firm, in which Macquarie holds 3.46 % stake and HSBC owns 3.68%, expects to earn a post-tax return of 23.75% per annum on exiting the Ind-Barath project, he added.
The firm may also divest part of its 21% holding in IEX this year, Haldia said, but declined to reveal the quantum or timing of the proposed divestment.
It had divested 5% in IEX last year at a premium of Rs 108 a share, he said.
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First Published: Fri, Jul 01 2011. 12 59 PM IST