PTC India to raise Rs 1,200 cr to fund expansion

MUMBAI: Power trading firm PTC India on Wednesday said it will raise Rs 1,200 crore through issue of securities to fund its expansion plans.

The board of directors of the company at its meeting approved the resolution entailing raising of funds to the tune of Rs 1,200 crore, subject to shareholders' approval, PTC India said in a communique to the Bombay Stock Exchange (BSE).

"The requirement of funds for expansion of the company's existing business be agreed to and is recommended to the next AGM for necessary enhancement of equity base," the company said.

Shares of PTC India were trading at Rs 64.65, up 3.61 per cent on the BSE in afternoon trade.