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PTC India Financial Divests Its Part Stake In IEX

3/30/2012 4:39 AM ET

Non-banking finance company PTC India Financial Services Ltd., or PFS, said it had sold part of its stake in Indian Energy Exchange Ltd., or IEX at more than 16 times the cost.

The company has divested 14.01 percent stake in IEX at Rs.166.51 apiece, aggregating to Rs.70.76 crore. It had subscribed to the shares at the face value of Rs.10 per shares.

During the last fiscal, the company had also divested part stake in IEX at Rs.115.41 per share.

In another announcement in the BSE, the company said its lone-term tax saving secured Infrastructure Bonds were subscribed more than 300 percent. The company opened its second long-term infrastructure bond offering of Rs.50 crore with an option to retain over-subscription for issuance of additional infrastructure bonds. The offer was open from December 30, 2011 under private placement. The offer was closed on March 27. and it has raised around Rs.162 crore through the issue.

The bonds carry an interest rate of 8.93 percent per annum on option I and II for ten year bonds with an option for buy-back after five years and 9.15 percent per annum for option III and IV for 15 year bonds with an option of buy-back after seven years.

PFS, promoted by PTC India Ltd., offers an integrated suite of financial services with a focus on infrastructure development, which includes debt (short-term and long-term) financing and making equity investment in private sector Indian companies in the entire energy value chain. It also provides fee based syndication and other services as well as carbon credit financing against Certified Emissions Reduction.

IEX is India's first electricity exchange and offers an online electricity trading platform for trading, clearing,ad settlement operations. It was jointly promoted by Financial Technologies (India) and PFS in 2007. PFS had earlier sold five percent stake to Bessemer Venture Partners and Lightspeed Ventures Partners.

At the BSE, PTC Financial Services shares are currently trading at Rs.16, up 7.38 percent from the previous close.

by RTT Staff Writer

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