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PTC India Financial Services (PFS) plans to raise Rs 100 crore through the issue of tax-free infrastructure bonds in the second half of the current fiscal.
“We will raise Rs 100 crore in the third and fourth quarter of the current fiscal through tax-free infra bonds,” said a company official, adding that the firm was able to raise Rs 42 crore through such bonds last year.
PFS, the financial services arm of PTC India, also plans to exit its equity investments in various firms.
PFS is an investment vehicle providing total financial services to entities in the energy value chain, which inter-alia includes investing in equity and/or extending debt to power projects.
“We are looking at exiting our equity investments in a power project by Ind-Barath, besides selling part of its stake in Indian Energy Exchange (IEX) this fiscal,” the official said.
He said PFS had invested Rs 55.63 crore in Ind-Barath in 2008 with a contract for buyback of shares with assured returns. “We will complete the buyback by September,” he added.
The official said that PFS would also go for a strategic sale of its 14 per cent equity holding in IEX and is in talks with several potential investors for the same.
“We had invested in IEX in 2008 and the stake sale is likely by September quarter,” the official added.
As of March 31, 2011, PFS’s outstanding debt to power projects stood at Rs 700 crore.
In the April-June quarter, the net profit of PFS nearly doubled to Rs 10.24 crore from Rs 5.09 crore in the year-ago period.
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