Saturday, December 8, 2007

Goldman, Macquarie to pick up 20% each in PTC arm

PTC India Financial services, subsidiary of PTC India, will immediately get Goldman Sachs Strategic Investments and Macquarie Securities Asia on board as `strategic financial partners`, reports Business Standard.

The companies will pick up 20% each in PTC Financial Services, a non-banking finance company (NBFC). The total investments will be Rs 500-600 million, including a premium of Rs 3-5 on a face value of Rs 10 a share.



`FIPB has already given its approval for this investment. We are now finalizing the shareholder's agreement,` said a senior PTC executive.

PTC India will continue to hold the remaining 60% stake in the NBFC.

`The company`s main objective is to encourage investments in the energy sector,` said the executive. PTC Financial Services will provide equity and debt financing to power projects.

Shares of the company gained Rs 1.4, or 0.91% to settle at Rs 154.55. The total volume of shares traded was 312,255 at the BSE.(Friday ).

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