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New Delhi, Jan. 1 Power trading major PTC India on Tuesday said that Goldman Sachs and Macquarie India Holdings Ltd would pick up 20 per cent stake each in its subsidiary PTC India Financial Services Ltd.

“PTC India Financial Services (PFS), Goldman Sachs and Macquarie India Holdings have entered into a share subscription agreement and shareholders agreement, pursuant to which Goldman Sachs and Macquarie have agreed to subscribe to 20 per cent each of the aggregate issued share capital of PFS,” PTC India said in a statement.

According to sources, Goldman and Macquarie would subscribe to a fresh issue of 4.86 crore shares of Rs 10 each at a premium of Rs 6 per share, with each of the two investors pumping in Rs 77.76 crore into PFS for their respective 20 per cent stakes.

PTC India would invest Rs 146 crore to hold 14.6 crore equity shares, representing 60 per cent of equity in PFS, which has been set up to undertake investments across the energy value chain.

The completion of the transaction is subject to PTC, PFS, Goldman Sachs, and Macquarie obtaining necessary approvals. The Foreign Investment Promotion Board has already accorded its approval to PTC India for inviting equity participation from Goldman Sachs and Macquarie for up to 40 per cent of paid-up capital of PFS, the statement said.

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