PTC arm to list by November

PTC Financial Services Ltd (PFS), the investing arm of Power Trading Corporation (PTC), is likely to list on the bourses between September and November.

The company, which has started working on the draft red herring prospectus, wants to raise Rs 600-700 crore this year.

“We are open to private placements before our initial public offer (IPO), for which we are talking to investors”, said TN Thakur, chairman and managing director of PTC India Ltd.

He did not disclose how much will be raised through the IPO.
PTC, the country’s largest power trader, has a 77% stake in PFS and plans to retain a 51% holding after the sale. Goldman Sachs and Macquarie currently hold 11.5% each in PFS.

PFS is promoted by PTC India as a special purpose
investment vehicle to provide total financial services to the entities in the energy value chain, which  includes investing in equity and extending debt to power projects in generation, transmission, distribution; fuel sources, fuel related infrastructure like gas pipelines, LNG terminals, ports, equipment manufacturers and EPC contractors etc.

PFS also provides non-fund based financial services adding value to greenfield and brownfield projects at various stages of growth and development.

In addition, PTC Ashmore, a joint venture of PTC with the UK-based investment management firm, Ashmore Group Plc, is planning to raise $300-400 million in the first tranche for its energy infrastructure fund that will invest in the power projects in the country.

PTC Ashmore is talking to foreign and domestic investors to invest in the fund.

The fund will acquire equity stake in new power projects, from which it would procure power.

PTC is also looking at acquiring coal blocks abroad and has shortlisted mines in Australia and Indonesia.

It would import the dry fuel from its overseas properties and sell it in India.