VCCircle

Goldman Sachs and Macquarie India Holdings have invested Rs 155.74 crore to pick up a 40 per cent stake in PTC Financial Services (PFS), the financial services arm of PTC India Ltd, formerly known as Power Trading Corporation. PFS is a non-banking finance corporation which has been set up to undertake investments across the Indian energy value chain.
The two financial investors have acquired 20 per cent stake each at Rs 16 per share. The face value of the share is Rs 10. This values PTC Financial Services at Rs 389.35 crore. The paid up capital of the company is Rs 243.2 crore. The state-owned PTC India has brought in Rs 146 crore for its 60 per cent equity holding in the subsidiary at Rs 10 per share. NM Rothschild & Sons (India) was the sole sell side advisor on the transaction.
PFS, which has already acquired a 26 per cent stake in Indian Energy Exchange, the country’s first power exchange, has a mandate to invest in greenfield and brownfield power generation assets, power transmission and distribution assets, apart from energy related infrastructure assets such as gas pipelines, fuel linked ports and electricity equipment. It may also act as a sponsor of energy funds, as well as establishing an asset management company to deploy and manage the fund.
Meanwhile, The Hindustan Times reports that PTC India has just completed a roadshow to raise about Rs 1,200 crore via private placement. The publicly listed company has a market cap of Rs 2,350 crore.