Comments
Shares of PTC India Financial Services made a weak debut on the bourses today, shedding 9.28 per cent vis-a-vis its issue price of Rs 28 in the early trade on the Bombay Stock Exchange.
The scrip opened at Rs 28 equivalent to the issue price on the BSE, but within minutes of opening trade, it lost ground and fell by 9.28 per cent to trade at Rs 25.40.
Similarly on the National Stock Exchange, the stock opened 4.46 per cent down at Rs 26.75 a piece and subsequently plunged further to Rs 25.55, down 8.75 per cent from its issue price.
PTC India Financial Services, the non-banking financial institution promoted by PTC India, had fixed a price band of Rs 26-28 a share for its initial public offering (IPO).
The company intends to utilise the proceeds for augmenting its capital base to meet the future capital requirements arising out of growth in its business.
PTC Financial Services was promoted to make investments in companies engaged in power generation, equipment supply and fuel source projects.
The company is focused primarily on power generation projects in India, but also provides fee-based syndication and advisory services as well as carbon credit financing against certified emission reductions.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.