New Delhi: PTC Financial Services, a subsidiary of Power Trading Corporation, is mulling hitting the capital market next fiscal to raise about Rs1,500 crore by divesting 26% of the promoters’ stake.
The initial public offering (IPO) of PTC Financial Services can be expected by the end of the next fiscal year, a company official said, adding that as per the shareholders’ agreement the company should come up with an IPO within three years of its formation.
The present equity capital of PTC Financial Services is Rs600 crore, 77% of which is held by PTC India and 11.5% each by Goldman Sachs and Australian company Macquarie.
PTC Financial Services, a diversified entity, was formed in 2008-09 for providing equity support to power projects in the country.
PTC India chairman and managing director T N Thakur has said that PTC Financial Services is looking at acquiring coal blocks abroad and has shortlisted mines in Australia and Indonesia, where the fuel is available in abundance.
The company will import the dry fuel from its overseas properties and sell it in India.
PTC Financial Services recently sanctioned Rs521 crore for funding power projects in the country and the money includes Rs105 crore in the form of equity participation and Rs416 crore as long-term and short-term debt financing.
The assistance will help seven 3,350 MW projects whose estimated investment is Rs16,750 crore.
The company will invest in a power exchange, a wind turbine manufacturing unit, coal power projects and those involving non-conventional sources like biomass, wind and solar energy.