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PTC Financial Services (PFS), the non-banking finance subsidiary of PTC India Ltd, is planning to raise around Rs 450 crore through an initial public offering later this month.
The NBFC, which is classified as an infrastructure finance company, will be mopping up the funds by issuing 12.75 crore fresh equity shares. Macquarie India Holdings Ltd will be divesting a portion (2.92 crore shares) of its shareholding through the IPO.
The resource mobilisation programme, among others, is to take care of future growth in business, for establishing a price benchmark and augmenting the capital adequacy ratio, said Mr T.N. Thakur, Chairman and Managing Director, PFS.
Shareholding
Currently, PTC India Ltd holds 77.6 per cent stake in PFS with the balance 22.4 per cent being equally held by GS Strategic Investments Ltd (an affiliate of The Goldman Sachs Group, Inc.) and Macquarie India Holdings Ltd (an affiliate of The Macquarie Group).
Post IPO, PTC India shareholding will get diluted to 60 per cent; GS Strategic Investments to 8.5 per cent; Macquarie India Holdings Ltd to 3.1 per cent. The balance stake will be held by public and institutional shareholders.
PFS makes principal investments in companies with projects across the energy value chain.
The book-value, excluding the value of its equity investments (which ranges from 10 per cent to 26 per cent in various power projects), of PFS is Rs 15.5 per share.
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