Business Daily from THE HINDU group of publications
Thursday, Jun 28, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Jun 28, 2007 ePaper |
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Corporate
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New Projects PTC India plans Rs 1,200-cr share sale to fund expansion
The company will discuss the share sale plan at its shareholder meeting to be held in September. The amount, according to officials, would be raised through the issue of fresh shares and could take place in tranches.
Our Bureau New Delhi, June 27 Power trading firm PTC India Ltd on Wednesday said it plans to raise Rs 1,200 crore through a share sale to fund its expansion plans. The board of directors of the company at its meeting on Wednesday approved a resolution for raising funds to the tune of Rs 1,200 crore subject to shareholders’ approval, PTC India said in a statement to the Bombay Stock Exchange (BSE). “The requirement of funds for expansion of the company’s existing business is to be agreed to and is recommended to the next AGM for necessary enhancement of equity base,” the company said. The company will discuss the share sale plan at its shareholder meeting to be held in September. The amount, according to officials, would be raised through the issue of fresh shares and could take place in tranches. During the last fiscal, the cumulative capacity tied up through long-term projects by PTC was 6,676.3 MW. PTC also entered into MoUs with another 35 projects, totalling a capacity of 16,703 MW, for which power purchase and sale agreements were under negotiations. The company is also planning to import coal from Australia and Indonesia to meet the needs of power utilities in the country. The PTC share rose 2.80 per cent on the BSE to close Wednesday’s trading day at Rs 64.15 per share. The 52-week high for the stock was recorded at Rs 71.30 per share and the low was at Rs 46.
More Stories on : New Projects | Power | Financial Institutions
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